Seoul: Daily spot transactions in the foreign exchange market have increased by more than 10 percent after the introduction of 24-hour foreign exchange trading last month, the finance ministry announced on Friday. This significant uptick marks a positive development in South Korea's efforts to enhance foreign investors' access to its financial market.

According to Yonhap News Agency, the Ministry of Finance and Economy shared these findings during a task force meeting aimed at reviewing the new 24-hour trading system for the South Korean won. This system, launched on July 6, is part of a broader government initiative to bolster the country's financial market infrastructure and attract more foreign investment.

The ministry reported that since the implementation of the 24-hour trading system, the market infrastructure has been functioning smoothly and efficiently. Additionally, the won-dollar exchange rate has remained stable when compared to other major currencies, indicating a successful rollout of the new system.

Daily spot transactions, which amounted to US$17.39 billion in the first half of the year, saw an increase of 10.1 percent, reaching $19.14 billion after the system's introduction. This growth highlights the increased activity and interest in the market following the shift to all-day trading.

Participants in the task force meeting acknowledged that trading during late-night hours is experiencing a gradual increase. This slow but steady growth is attributed to the initial stages of the system and the impact of time zone differences with international markets.