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South Korea's foreign exchange authority was reportedly seen selling US dollars on March 7, 2022 to limit a fall in the won. The won had weakened as much as 1.1% to 1,227.6 per dollar, its lowest since June 2020.
The authority said it was monitoring speculative offshore moves tied to the Ukraine crisis.
Intervention to defend the won signals strain on Korea's fuel-import-dependent economy, since a weaker won raises the local cost of dollar-priced energy and feed imports. Continued pressure would keep Korean import costs elevated.
brecorder.comReutersMar 7, 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.
