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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea injects $4 bln to banks via Fed credit Reuters - 2 hours 49 minutes ago SEOUL, Dec 2 - The South Korean central bank said on Tuesday that it had injected all of a planned $4 billion to local banks using its dollar credit line at the U.S. Federal Reserve for the first time. The Bank of Korea said that 15 local banks tendered for $7.81 billion in the auction, with the average annualised rate of the 84-day foreign currency loan coming in at 6.84 percent. The South Korean central bank tied up a $30 billion currency swap facility with the U.S. central bank in October, along with Brazil, Mexico and Singapore, as fears of a possible currency crisis mounted in the wake of a global dollar squeeze. The decision to use the U.S. credit line came after the Bank of Korea heavily intervened to defend the won in vain, only to see its foreign reserves drained by $52 billion over the past seven months since the end of March. Details of the nation's foreign reserves at the end of November will be released early on Wednesday, with many analysts warning they may have fallen below $200 billion for the first time in nearly 3 years. The won has plunged nearly 40 percent against the dollar so far this year, hitting its lowest in almost 11 years against the U.S. currency. (Reporting by Seo Eun-kyung; Editing by Jonathan Hopfner and Keiron Henderson ) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Australia slashes interest rate to avert recessionAP - 20 minutes ago India Hot Stocks: M&M, Tata Motors down on Nov sales dropReuters - 30 minutes ago India's Tata Motors to close Pune plant for 3 daysReuters - 32 minutes ago Indian shares open 3.44 pct down on global fallsReuters - 34 minutes ago NZ dollar lower on stocks plunge; bonds firmReuters - 37 minutes ago Most Popular – Business Viewed Wall Street plunges as recession becomes reality World AIDS Day highlights big challenges 20 years on Saudi king says 75 dollar oil price 'fair' Love handles increase death risk: study World's oldest person dies at 115 years View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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