Bank daily FX turnover up 2.4 pct in Q3

SEOUL, Nov. 22 (Yonhap) -- Foreign exchange turnover by banks in South Korea rose
2.4 percent in the third quarter from three months earlier on increased trading
of FX derivatives, the central bank said Sunday.
The daily foreign exchange turnover averaged US$45.52 billion in the
July-September period, compared with $44.46 billion the previous quarter and
marking the second straight quarterly rise, according to the Bank of Korea (BOK).
Daily trading volume on FX derivatives gained 18.7 percent to $8 billion last
quarter, mainly because trading for interest rates futures increased amid
expectations for rate rises, it added.
Meanwhile, the daily turnover on the traditional foreign exchange market,
comprising spot and forward trading and foreign exchange swaps, dipped 0.5
percent to $37.53 billion.
The Korean currency gained an average 3.85 percent against the U.S. dollar in the
third quarter. Hit by the U.S.-sparked global financial crisis, the Korean won
plunged 25.7 percent against the dollar last year alone.
sooyeon@yna.co.kr
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