Korean authorities sell net $13.6 bil. in Q1 to stabilize FX market
The won-dollar exchange rate is displayed at a dealing room in Hana Bank, in Seoul, Tuesday. Yonhap
The Korean authorities sold a net $13.6 billion in the first quarter to stabilize the foreign exchange market, central bank data showed Tuesday.
It marked the sixth consecutive quarter of net dollar selling since the fourth quarter of 2024, bringing the cumulative total to a net $45.35 billion over the period, according to data released by the Bank of Korea (BOK).
The Korean won weakened to 1,530.1 won against the U.S. dollar at the end of March from 1,439 won at the end of last year.
Korea's foreign reserves fell by nearly $4 billion in March amid the authorities' intervention in response to the sharp depreciation of the Korean won following the outbreak of the U.S.-Iran war.
The March decline was the largest monthly drop in foreign reserves in 11 months since April last year, when they fell by $5 billion.