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S.Korea finance minister says more FX stabilising measures on the way

Sunday, September 25, 2022
S.Korea finance minister says more FX stabilising measures on the way © Reuters. FILE PHOTO: South Korea Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho attends the G20 Finance Ministers Meeting in Nusa Dua, on Indonesia resort island of Bali, on July 15, 2022. Sonny Tumbelaka/Pool via REUTERS

SEOUL (Reuters) - South Korea's finance minister said the government would prepare more measures to stabilise the foreign exchange market, while downplaying the need for a currency swap arrangement with the United States.

The measures include utilising the government's foreign exchange equalisation fund to meet shipbuilding companies' FX hedging demands, thereby increasing dollar supply in the local market, minister Choo Kyung-ho said during a televised interview on Sunday.

It is part of FX authorities' efforts to ease volatility in the FX market, Choo said, in addition to a currency swap arrangement between the country's central bank and a pension fund announced on Friday, as they are seeing the South Korean won recently weakening at a faster pace than most peers.

On a question about the possibility of a currency swap deal between the Bank of Korea and the U.S. Federal Reserve, Choo said it would definitely be helpful for the local market, but is not necessary yet in the current market situation.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

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EUR/USD

1.0658

-0.0008 (-0.07%)

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GBP/USD

1.2475

-0.0015 (-0.12%)

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USD/JPY

157.91

+0.12 (+0.07%)

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0.6469

-0.0003 (-0.05%)

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Neutral

Moving Avg:

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1.3780

+0.0003 (+0.03%)

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168.32

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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