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(Bloomberg) — The South Korean won was stable against the dollar after inching higher as the currency began its first day of 24-hour trading, marking a milestone in Seoul’s push to open its financial markets to global investors.
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The won eased 0.1% to 1,531.40 against the greenback, after rising as much as 0.2% when it started trading at 6:00 a.m. local time. Other major currency pairs were little changed.
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The launch of 24-hour trading is the centerpiece of a years-long effort to improve foreign access to local markets and bolster the case for an upgrade to MSCI Inc.’s developed-market index, where accessibility has long been a stumbling block. It also reflects how the economy has evolved to one investing more overseas, making it harder to justify limiting trading to Korean business hours.
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“This is the starting point for the won’s global leap,” said Finance Minister Koo Yun Cheol during a visit to a local bank’s trading floor Monday. The move is a core infrastructure designed to provide the level of accessibility and convenience in FX trading comparable to advanced markets, Koo added.
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Korean Won Given 24-Hour Boost Against Asian Peers
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The government will monitor the market seamlessly and support frictionless 24/7 trading, while continuing to push forward with the other FX market reforms, Koo added
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The currency last week fell toward its weakest since 2009, before rebounding on a Bloomberg report that officials were preparing for currency flows related to SK Hynix Inc.’s US offering of American depositary receipts. Deputy Finance Minister Moon Jisung said Friday authorities would strengthen monitoring of the night trading session before Monday’s opening.
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Scarred by ‘97 Crash, Korea Nervously Opens 24-Hour Won Trading
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The won is one of Asia’s weakest currencies this year as the Iran war led to higher energy prices and foreign investors sold domestic stocks to rebalance portfolios after stellar gains. Despite losses in the past two weeks, the benchmark Kospi index remains the world’s biggest gainer among major equity gauges this year.
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(Updates with fresh prices, comments from South Korea’s finance minister.)
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English (US)