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S.Korea's foreign exchange trading hits record high in Q1

SEOUL
2022-04-26 14:41

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SEOUL, April 26 (Xinhua) -- South Korea's foreign exchange trading hit a new record high in the first quarter owing to geopolitical risks in Europe and the U.S. Federal Reserve's expected rate hikes, central bank data showed Tuesday.

The daily average transactions of foreign currencies in the domestic inter-bank market amounted to 65.55 billion U.S. dollars in the January-March quarter, up 14.9 percent from the prior quarter, according to the Bank of Korea (BOK).

It marked the highest value since relevant data began to be compiled in 2008.

The record transactions came amid external uncertainties such as the U.S. Fed's expected rate hikes and geopolitical risks in Europe as well as the expanded trade volume of South Korea.

The daily average volatility in the won/dollar exchange rate advanced to 0.35 percent in the first quarter from 0.27 percent in the fourth quarter of last year.

The daily average trading in the spot market soared 17.7 percent from three months earlier to 24.96 billion U.S. dollars in the first quarter, while the foreign exchange derivatives transactions jumped 13.3 percent to 40.59 billion U.S. dollars.
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