South Korea Finance Ministry: Korean Chipmakers, Shipbuilders Sell Dollars Heavily in Forward Market

On July 14, South Korea's Finance Ministry said Tuesday that the foreign exchange market conditions in the country are improving as major chip and shipbuilding companies have begun selling large amounts of dollars in the forward market. The ministry said in a statement, "Based on strong fundamentals such as a record trade surplus, the foreign exchange market is expected to see structural changes in supply and demand conditions in the second half of the year." On Tuesday, the won rose 0.75% against the dollar to 1,486.30, its highest level since May 12. (Jin10)