Seoul FX committee to disclose won-ruble rate

SEOUL, Nov. 25 (Yonhap) -- South Korea's foreign exchange (FX) committee said Monday it plans to disclose the cross exchange rate between the won and the Russian ruble starting in March 2014, in a bid to boost investor convenience in trading.

The FX committee also said it plans to add cross exchange rates of 21 other currencies, including the Mexican peso, the Brazilian real and the Taiwanese dollar, bringing the total number of currencies in its basket to 43.

It will mark the first time for such cross exchange rates to be officially announced in the local financial market.

"The update came as South Korea's economic activities with Russia, Mexico and other Asian countries have increased," a foreign-exchange official from the country's central bank said.

The committee added it will also revise up the trading unit of foreign exchange spots to US$1 million from the current $500,000 to meet standards of the global market beginning in January 2014.

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