An Emart employee shows off Shinsegae Department Store gift certificates issued in exchange for foreign currency at Emart’s Seongsu branch in eastern Seoul on Thursday.
Korea’s foreign exchange reserves hit a record in December, the seventh consecutive monthly all-time high. The record is attributed to the weak dollar against the won in recent months.
Korea and the United States extended their $60 billion bilateral currency swap agreement for six months as uncertainties over the global coronavirus pandemic continue, the central bank said Thursday.
The depreciation of the U.S. dollar is raising red flags at companies that export.
Korea’s currency hit a 30-month high against the U.S. dollar Thursday as investors' interest in safe-haven assets dwindled and expectations rose for vaccine development and further fiscal stimulus in the United States.
An employee stands in front of screens Monday at a dealing room in Hana Bank, Jung District, in central Seoul.
Stocks gained Monday for a second consecutive session as investors continued to look for deals despite the resurgence of coronavirus cases nationwide. The won fell against the dollar.
Foreign currency deposits at banks in Korea rose to a new record high in July as companies increased dollar holdings amid pandemic-caused uncertainties, central bank data showed Monday.
The central bank said in the first half of this year, 2.7 trillion won worth of bills were damaged due to soaking or burning. A total of 226.6 million 10,000 won bills were destroyed, while 85.6 million 1,000 won bills were destroyed
Foreign currency deposits at banks in Korea surged to a new record high in June, central bank data showed Wednesday, amid pandemic-caused uncertainties that pushed both businesses and individuals to boost their currency holdings.