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S Korea Launches First Bank Inspections in 14 Years to Curb Won Speculation
South Korea has stepped up efforts to defend the won, with the central bank and the Financial Supervisory Service commencing on-site and off-site inspections of major foreign excha...
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South Korea has stepped up efforts to defend the won, with the central bank and the Financial Supervisory Service commencing on-site and off-site inspections of major foreign exchange banks today (10th). This marks the first such action in 14 years, aiming to determine whether these institutions have engaged in transactions that could disrupt foreign exchange market stability, and to investigate whether market participants attempted to manipulate or suppress the exchange rate for improper gains for themselves or third parties.

Since the beginning of the year, the won has depreciated by more than 5% against the USD, falling to its weakest level since 2009 last week. The decline has been pressured by foreign investors’ sell-off of South Korean equities and escalating tensions in the Middle East, which have dampened overall risk sentiment. The won edged up 0.17% this morning (10th) to 1,522.78 per USD. (mn/da)

Related NewsAPI Crude Oil Stock Change for May/29 in the United States is -6.75M, lower than the previous value of -2.8M. The forecast was -3.6M.

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