South Korea's foreign exchange authorities net-sold $9.612 billion in U.S. dollars during the second quarter to stabilize the won-dollar market, equivalent to 14.437 trillion won at an average exchange rate of about 1,502 won per dollar. The intervention was the fifth-largest quarterly net dollar sale on record and followed $13.628 billion of sales in the first quarter, bringing first-half net sales to $23.24 billion. Net dollar selling extended to seven consecutive quarters from the fourth quarter of 2024. The won weakened as Middle East war uncertainty increased and foreign investors sold South Korean stocks after gains in the KOSPI. The won-dollar rate later returned to the 1,300-won range in the third quarter, and dollar sales were expected to decline. Authorities use foreign-currency holdings to supply dollars when the won weakens sharply and buy dollars when the won strengthens rapidly.