SEOUL: South Korea’s foreign exchange authorities sold a net US$5.80 billion for market intervention in the second quarter, central bank data showed on Monday.
It was the second straight quarter that the authorities sold dollars, after selling US$1.82 billion a quarter earlier and the biggest quarterly selling since the second quarter of 2023 to curb losses in the local currency.
The Korean won ended the quarter down 2.1 per cent against the dollar, after at one point touching its weakest level since November 2022, while the dollar index, a measure of the greenback’s value against six major currencies, rose 1.3 per cent.
