South Korea’s foreign-exchange stabilization fund purchased roughly $20 billion in U.S. dollars following SK Hynix’s $26.5 billion American depositary receipt (ADR) listing in July, a source familiar with the matter said.
The fund, managed by the nation’s authorities, moved to absorb the dollar inflows generated by the ADR sale, which was completed in Seoul. The stabilization effort aimed to mitigate volatility in the local currency amid the influx of foreign exchange.
The transaction was disclosed on Wednesday, according to the source cited by Reuters. The ADR listing marked one of the largest equity capital raises in South Korea this year, underscoring the scale of the dollar-denominated proceeds involved.
