The Bank of Korea said Wednesday it sold a net US$5.97 billion in the second quarter of the year to help ease the decline of the local currency against the U.S. dollar.
The second-quarter dollar selling marks the eighth straight quarter of dollar selling for market smoothing operations since the third quarter of 2021, according to the central bank.
The second-quarter dollar selling marks a rise from the previous quarter's $2.1 billion.
The selling of U.S. dollars in the second quarter came as the U.S. Federal Reserve's rate hikes sharply depreciated the value of the local currency, according to data uploaded on the central bank's homepage.
The authorities sold $17.54 billion during the third quarter of 2022, the largest since the third quarter of 2019, when the central bank began releasing such data to help boost the transparency of its market operations.
Source: Yonhap News Agency