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S.Korea's foreign currency trading hits record high in Q1

Xinhua, May 2, 2016 Adjust font size:

Foreign currency trading in South Korea hit a quarterly record high during the January-March period as hedging demand increased amid rising volatility in the foreign exchange market, central bank data showed on Monday.

Daily average transactions in the foreign exchange market reached 52.99 billion U.S. dollars in the first quarter, up 6.32 billion dollars from the previous quarter, according to the Bank of Korea (BOK).

It surpassed the previous record high of 52.85 billion dollars tallied in the first quarter of 2008.

The record FX trading came as demand for non-deliverable forwards (NDF) and spot trading increased amid rising volatility in the foreign exchange market caused by uncertainties in monetary policies of major economies such as the United States and Japan.

Foreign exchange derivatives trading, including the NDF, posted a daily average of 31.64 billion dollars in the first quarter, up 12.7 percent from the previous quarter. Spot trading jumped 14.8 percent to 21.35 billion dollars.

Foreign exchange transactions between local banks increased 8.9 percent from three months earlier to 24.12 billion dollars in the first quarter, while those among local branches of foreign banks advanced 17.7 percent to 28.87 billion dollars. Enditem