Could the worst be over for the South Korean won?

The embattled currency rose to a six-week high Wednesday as local stocks gained modestly following a historic rate cut by the U.S. Federal Reserve.

The won has been one of the world's worst performing units this year, falling as much as 38 percent as foreign investors have dumped South Korean shares.

Confidence in the government's ability to fight the effects of the global financial crisis were also questioned as concerns grew that its stash of foreign currency reserves might not be enough to weather the storm.