Daily foreign exchange trading by banks in South Korea rose almost 10 percent in the first quarter of the year on increased stock trading by local and foreign investors, central bank data showed Friday.
The daily FX turnover, including trading of derivatives, came to an average of US$69.4 billion in the first three months, compared with $63.3 billion the previous quarter, according to the data from the Bank of Korea (BOK).
The increased turnover stemmed from increased exchange demand from stock investors, including residents, and increased hedge demand against currency volatility, the central bank said.
The daily average turnover on the spot FX market reached $26.12 billion in the first quarter, up 7.9 percent from three months earlier. The figure for FX derivatives also expanded 10.7 percent to $43.28 billion, the data showed.
Source: Yonhap News Agency