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South Korea's foreign reserves hit new high at $383.8 billion

Staff Writer |
South Korea's foreign reserves hit a fresh record high last month as the weak U.S. dollar increased the conversion value of non-dollar assets, central bank data showed Thursday.

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Foreign currency reserves reached $383.76 billion as of end-July, up 3.19 billion dollars from a month earlier, according to the Bank of Korea (BOK).

The country's reserves denominated in foreign currencies kept rising for the fifth consecutive month, maintaining the record-breaking momentum for three months in a row.

The conversion value of non-dollar assets increased as the greenback depreciated versus its peers amid the political uncertainty and the slumping economic indicators.

The European single currency appreciated 2.7 percent to the dollar, with the British pound rising 1 percent versus the greenback.

The Japanese yen gained 1.3 percent against the dollar.

The country's foreign reserves were composed of $354.55 billion of securities holdings, $19.38 billion of deposits, $4.79 billion of gold bullion, $3.29 billion of special drawing rights and $1.73 billion of IMF positions.

As of end-June, South Korea was the ninth-largest holder of foreign reserves.

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