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Seoul Foreign Exchange Market to Start 24-Hour Weekday Trading Monday
South Korea's currency market will extend to continuous weekday hours beginning Monday. The won recently traded above 1,550 per dollar while reserves reached $427.4 billion in June.
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Seoul's foreign exchange market will operate on a 24-hour weekday trading schedule beginning Monday. The won-dollar exchange rate recently climbed above 1,550 won during intraday trading. Korea's foreign exchange reserves rose by $370 million in June from the previous month to $427.4 billion, Yonhap reported.
The country slipped one place to 13th in the global foreign exchange reserves rankings. Yonhap reported that the schedule change is intended to improve market efficiency and accessibility for companies and investors. Extended hours are also expected to reduce the influence of the offshore nondeliverable forward market on the onshore rate.
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