The Bank of Korea announced on Monday that South Korea's foreign exchange authorities sold a net $5.8 billion in the second quarter of this year to intervene in the market. This follows a $1.82 billion sell-off in the first quarter, marking the second consecutive quarter of dollar sales. It is also the largest quarterly sell-off since Q2 2023, aimed at curbing losses of the local currency.
In Q2 2023, the South Korean won fell by 2.1% against the U.S. dollar, reaching its lowest level since November 2022. Meanwhile, the dollar index, which measures the greenback against six major currencies, rose by 1.3%.
