Bank of Korea Sells Net $17.54Bn in Q3 Forex Intervention

South Korea's central bank sold a net $17.54 billion as it intervened in the foreign exchange market during the quarter from July to September, up from a net $15.41 billion in the prior quarter.

It was the fifth straight quarter in which the Bank of Korea sold dollars in the local market to defend the won currency and the biggest amount since it began quarterly releases in the third quarter of 2019.

The won weakened 9.2 per cent against the dollar during the July-September period, for its biggest quarterly percentage drop in 11 years, while the U.S. dollar index rose 7.1 per cent.

(Source: Reuters)