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| ▲ An employee of a bank walks by a screen showing the foreign exchange rate between the U.S. dollar and the South Korean won at a foreign exchange dealing room in Seoul on Oct. 25, 2022, in this Associated Press photo. Shares advanced on the day in Asia after Wall Street shook off an early bout of unsettled trading and ended higher. (Yonhap) |
FX turnover-Q3 tally
Daily FX turnover down in Q3 on less exchange demand for stock investment
SEOUL, Oct. 26 (Yonhap) -- Daily foreign exchange (FX) trading by banks in South Korea shrank in the third quarter of this year due to less currency exchange demand for stock investment, central bank data showed Wednesday.
The daily FX turnover, including trading of derivatives, came to an average of US$61.21 billion in the July-September period, down 6.7 percent, or $4.38 billion, from three months earlier, according to the data from the Bank of Korea (BOK).
The decline stemmed from less demand for currency exchanges intended to invest in stock markets at home and abroad weighed down by growing worries over accelerating global monetary tightening and an economic recession.
The fall came despite a rise in volatility in the FX market that usually tends to increase daily currency transactions.
The daily average turnover on the spot FX market reached $21.81 billion in the third quarter, down 13 percent from a quarter earlier. The figure for FX derivatives also shrank 2.8 percent to $39 billion, the data showed.
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