South Korean Authorities Sell $9.6 Billion to Stabilize FX Market

Seoul:The South Korean authorities sold a net $9.6 billion in U.S. dollars during the second quarter to stabilize the foreign exchange market, as revealed by central bank data. According to Yonhap News Agency, this marks the seventh consecutive quarter of net dollar selling since the fourth quarter of 2024. The cumulative total of net dollar selling over this period has reached $54.9 billion, based on data from the Bank of Korea (BOK). In the first quarter, authorities had sold a net $13.6 billion. Over the second quarter, the Korean won averaged 1,502.1 won against the U.S. dollar, showing a depreciation from 1,466.7 won in the first quarter. A Bank of Korea official stated that the market stabilization measure was implemented to prevent increasing volatility in the foreign exchange market and to curb one-sided market movements.