SEOUL - South Korea has extended the operating hours of its foreign exchange market for won-U.S. dollar transactions, now closing at 2 a.m., in a move to enhance investor convenience and expand market access. This change, effective as of Monday, aims to align the Korean financial market with global standards.
According to Yonhap News Agency, the new hours for the won-U.S. dollar exchange are from 9 a.m. to 2 a.m. the following day, a significant extension from the previous closing time of 3:30 p.m. Additionally, starting Monday, registered foreign institutions (RFIs) are now permitted to participate in the interbank forex market, a privilege previously reserved for certified Korean financial firms. This policy is part of South Korea's broader strategy to deregulate and attract more foreign investment into its financial markets.