January 3, 2019 / 4:07 PM / 18 days ago

Danish c.bank intervenes in FX market for the first time since March 2017

COPENHAGEN, Jan 3 (Reuters) - Denmark’s foreign exchange reserves fell to 457.4 billion Danish crowns ($69.8 billion) in December from 467.3 billion crowns at the end of November, the central bank said on Thursday.

The central bank intervened in the foreign exchange market by buying 11.6 billion crowns in December to keep the currency stable against the euro, it said. It was the first time since March 2017 the central bank intervened.

The central bank use the foreign exchange reserves as a tool to control the rate of the Danish crown, which is pegged to the euro, by buying or selling.

$1 = 6.5537 Danish crowns Reporting by Copenhagen newsroom

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