Korea Sold Record Dollars to Shore Up Won in Second Quarter
- Authorities sold net $15.4 billion in foreign exchange market
- Rapid won depreciation exacerbating pressure on central bank
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South Korea sold record dollars in the second quarter in an effort to stem currency weakness that threatened to further fuel inflation, taking action as a resurgent greenback roiled global markets.
Authorities sold net $15.4 billion in the foreign exchange market in the three months through June, according to the Bank of Korea’s quarterly intervention data released Friday on its website. That’s the largest since the central bank started to disclose figures in 2019.