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South Korean Ministry of Finance: South Korean chipmakers and shipbuilders are selling off large amounts of U.S. dollars in the forward market
Svmuu News: South Korea’s Ministry of Finance said Tuesday that conditions in the country’s foreign exchange market are improving as major chip and shipbuilding companies have begun selling large amounts of U.S. dollars in the forward market. “Based on strong fundamentals, such as a record trade surplus, we expect to see a structural shift in supply and demand conditions in the foreign exchange market in the second half of the year,” the ministry said in a statement. On Tuesday, the won rose 0.75% against the U.S. dollar to 1,486.30, reaching its highest level since May 12. (Jin Shi)
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