Seoul Foreign Exchange Market: MAR Trading at Zero Before 9 AM, NDF Fixing Neutral

Before 9 AM on the 24th, the MAR (Market Average Rate) quotes in the Seoul foreign exchange market traded at a level of zero (0). The Non-Deliverable Forward (NDF) fixing positions were also recorded as square, indicating that the volume processed before the market opening was not skewed in either direction. It has been confirmed that the dollar-won spot MAR price traded at zero. MAR is a benchmark price calculated based on dollar-won spot transactions concluded in the Seoul foreign exchange market. Market participants use the MAR quotes before and after the opening as a reference indicator to assess the early trading supply and position adjustment conditions. The square NDF fixing position means that the fixing positions that domestic market participants need to handle after the opening are neutral. This indicates that there is no specific directional burden in either buying or selling dollars. NDF is a forward exchange transaction that settles the difference between the contracted exchange rate and the maturity exchange rate without actual exchange of won, and the maturity volume can be linked to domestic spot transactions after the opening. This flow is consistent with the benchmark trading confirmed before the opening, where the MAR quotes were also traded at zero before 9 AM on the 21st, and the NDF fixing positions were recorded as square. Compared to the flow earlier this month, the MAR quotes were confirmed at +0.05 won on the 11th and 12th.

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