(Bloomberg) -- South Korea sold record dollars in the second quarter in an effort to stem currency weakness that threatened to further fuel inflation, taking action as a resurgent greenback roiled global markets.

Authorities sold net $15.4 billion in the foreign exchange market in the three months through June, according to the Bank of Korea’s quarterly intervention data released Friday on its website. That’s the largest since the central bank started to disclose figures in 2019.

The Korean won declined to its lowest level in 13 years this week and is Asia’s worst performing currency this quarter as fears of further aggressive policy tightening by the Federal Reserve spur dollar strength.

The BOK may have spent a larger sum in the three months through September to stem the won’s weakness, which poses risks to a Korean economy that relies heavily on imports of energy and food. The depreciation also makes it harder for the bank to rein in inflationary pressures.

Korea is among several Asian nations that have relied on their foreign reserves to shore up currencies under pressure from Fed tightening. 

To support financial stability, Korean authorities this week announced measures that included buying bonds and activating a stock stabilization fund.

The BOK’s foreign reserves fell to $436.4 billion in August, the lowest level in almost two years, separate data show.

The BOK discloses the net trading amount of official interventions with a lag of three months. Third-quarter data is due for release at the end of December.

Governor Rhee Chang-yong has hinted the BOK’s board may consider another outsized rate hike when it meets Oct. 12, given the Fed is expected to tighten policy more than expected.

(Adds background and chart.)

©2022 Bloomberg L.P.