Korea's $20B SK Hynix Purchase

South Korean authorities purchased approximately $20 billion worth of currency after SK Hynix raised $26.5 billion through its stock offering in the U.S. market. The goal was to support foreign exchange reserves and reduce volatility in the currency market. The operation was conducted off the exchange and focused on buying dollars that had flowed back into the local market, in order to strengthen the won, which had appreciated by more than 12% over two months from its lowest level in 17 years. This move differs from traditional interventions where authorities sell dollars; instead, it aims to rebuild dollar reserves and reduce dependence on foreign funds in the foreign exchange market.

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