The weakening Korean won has got analysts looking for answers.

According to the Bank of Korea and Seoul Money Brokerage Services, the Korean won depreciated by more than 6 percent in August, the third largest loss among currencies evaluated in the study. The British pound experienced the largest loss followed by the Australian dollar.

The study analyzed 19 different worldwide currencies.

Compared to late last year, the dollar has appreciated by 15 percent against the won. It’s the dollar’s largest gain since the 1998 financial crisis.

Analysts say the weakening won is a product of the outflow of foreign capital from the Korean market amid financial jitters in the U.S. It is also attributable to the Korean government’s resistance to intervening in the foreign exchange market.

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