FX turnover-Q3 tally

Daily FX turnover drops in Q3 on reduced volatility, cross-border transactions

SEOUL, Oct. 31 (Yonhap) -- Daily foreign exchange (FX) trading by banks in South Korea declined in the third quarter of the year from a year earlier due to reduced volatility and reduced cross-border transactions, central bank data showed Tuesday.

The daily FX turnover, including trading of derivatives, came to an average of US$64.32 billion in the July-September period, compared with $69.37 billion the previous quarter, according to the data from the Bank of Korea.

The second-quarter turnover was the largest quarterly turnover since relevant data started to be compiled under the current revised statistical standards in 2008.

The decline stemmed from reduced volatility in the currency markets, as well as a decline in exports and imports, the central bank said.

The daily average turnover on the spot FX market reached $24.13 billion in the third quarter, down 15.2 percent from a quarter earlier. The figure for FX derivatives also fell 1.7 percent to $40.19 billion, the data showed.

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