South Korea Contemplates Using Foreign Exchange Fund to Acquire Dollars Raised from SK hynix ADR Offering

Deep News07:50

According to a report by the Korea Economic Daily citing unnamed investment banking officials, South Korea's foreign exchange authorities are considering using the Foreign Exchange Stabilization Fund to purchase US dollar funds associated with the ADR issuance by SK hynix. This move aims to prevent volatility in the USD/KRW exchange rate.

The report indicates that SK hynix plans to utilize a significant portion of the funds raised from its ADR offering for domestic investments, which is expected to lead to a substantial inflow of US dollars into the local foreign exchange market.

Speculation suggests that if the foreign exchange authorities proceed to use the stabilization fund to buy these dollars, they are highly likely to conduct the transactions over-the-counter through banks.

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