Banks' daily FX turnover down 6.7% in Q2

The daily foreign exchange turnover by local and foreign banks in South Korea dropped 6.7 percent in the second quarter from a quarter earlier due to a decreased volatility in the foreign-exchange market, the central bank said Friday.

The daily FX turnover averaged $49.44 billion in the April to June period, compared to the previous quarter's 52.99 billion, according to the Bank of Korea.

The first-quarter reading is the highest level ever, the BOK said.

The daily trading volume of foreign exchange spots reached $19.94 billion in the April to June period, down 6.6 percent from the previous quarter.

By currency type, daily won-dollar trading volume dropped 9 percent to $14.61 billion while the daily turnover for the won-yuan dipped 2.3 percent to $2.23 billion during the cited period.

South Korea and China launched a direct exchange market for their currencies in December 2014.

The daily foreign exchange derivatives turnover averaged $29.5 billion in the second quarter, down 6.8 percent from a quarter earlier, according to the BOK. (Yonhap)