SEOUL, Jan 21: Investors in non-deliverable forwards turned net sellers of the won against the dollar in December and by the biggest amount in seven months after being net buyers in November, data from South Korea’s central bank showed on Monday.
They sold a net $2.61 billion worth of the South Korean currency against the dollar during December in NDF trading, turning from net purchases of $1.80 billion worth in November, data from the Bank of Korea showed.
It was the biggest amount of net selling in the won since $4.99 billion worth of net sales in May, the data showed, indicating more bets on the won’s decline after four consecutive months of steady gains for the currency.
In the spot market, the won had gained 6 percent against the dollar during the four months until December and is trading up about 1 percent so far this month.
Easing fears about global financial markets and the international economy combined with a further expansion of monetary policy in advanced countries have sent funds flowing into emerging-market assets such as the won since late last year.
(AGENCIES)
Trending Now
E-Paper
Follow our WhatsApp channel