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The Bank of Korea said it sold a net $17.54 billion in the third quarter to ease the won's decline against the dollar, the largest quarterly selling since data releases began in 2019. Year-to-date dollar sales reached $41.4 billion, and September reserves fell $19.66 billion.
Heavy central bank dollar selling reflects won weakness tied to Fed tightening, which raises the cost of dollar-priced feed imports for Korean buyers. Currency stress of this kind tends to lift local import costs for grains and meal.
en.yna.co.krPark Sang-sooDec 30, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
