Dollar-Korean won spot rates swayed by forwards

The dollar's movement against the won in the Seoul currency market is being increasingly affected by dollar-won trading on overseas non-deliverable forward (NDF) markets, the Bank of Korea said.

The trading has risen to US$500 million per day since Sept 2000, when the dollar turned to a upward spiral, from $300 million in Aug 2000. With inflows of foreign equity investment increasing in 2001, non-resident investors bought more dollars than the sold them on the NDF markets, the report said.


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