Bank of Korea suspected to have sold about US$1b to curb won's fall: FX dealers
[SEOUL] South Korea's central bank is suspected to have sold around US$1 billion on Friday to stem a rapid fall by the country's currency, three currency dealers said after onshore trading ended.
The won dropped as low as 1,182.9 per US dollar at midday, its weakest since January 2017, prompting the Bank of Korea to sell dollars to stem a further drop, the dealers said.
"Authorities started to intervene in the market after the won reached the year's low, especially in the afternoon," said a dealer who insisted on anonymity.
The won has fallen about 5.3 per cent against the dollar this year, making it Asia's worst performing currency.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Citi picks Amit Dhawan to head Singapore commercial bank operations
China finance ministry echoes Xi’s call for bond trading at PBOC
Thai PM asks banks to lower interest rates to help economy
Bank of Japan to hold rates with focus on hawkish signals to buoy yen
From airport lounge access to dining deals: How banks can attract customers with travel perks
Japan to work with counterparts on excessive FX moves, says finance minister