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South Korea Unloads Dollars to Defend Won
Topics:Central Banks | Inflation | South Korea | Economy (Global) | Yen | euro | U.S. Dollar | Currencies
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South Korea's foreign exchange authorities followed up on morning dollar sales to lift the won, selling a further $500 million in the afternoon on Tuesday and bringing the day's intervention to as much as $2 billion, traders said.
During the morning they sold an estimated $1 billion-$1.5 billion in a bid to check inflation in Asia's fourth-largest economy, dealers said.
The won hit a two-week high against the dollar with the reported intervention in the morning.
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