SK hynix Inc.'s logo is seen on billboards at Times Square in New York, Saturday. Yonhap
SK hynix Inc. is expected to inject a large amount of U.S. dollars into Korea's foreign exchange market after raising about 40 trillion won ($26.5 billion) through an American depositary receipt (ADR) offering on Nasdaq, industry sources said Sunday.
The proceeds from the U.S. listing are scheduled to be paid to the company Monday.
Given that SK hynix plans to use most of the funds for domestic investments, including the Yongin semiconductor cluster, much of the dollar-denominated proceeds is expected to be converted into the won, increasing the supply of dollars in the local foreign exchange market.
The inflow is expected to ease pressure on the Korean won, which has remained weak against the dollar amid broad dollar strength and rising overseas investment by Korean companies, according to the sources.
