South Korea's foreign reserves rise to $403b in November

Published: December 05, 2018 12:13:43 | Updated: December 26, 2018 14:00:44

File Photo (Collected)

South Korea's foreign currency reserves rose to 403 billion US dollars in November due to the weak dollar trend that increased the conversion value of non-dollar assets, according to central bank data.

The Bank of Korea (BOK) data showed on Wednesday that the foreign reserves amounted to $403 billion as of the end of November, up $0.24 billion from a month earlier.

The growth was attributed to the dollar weakness that raised the conversion value of the non-dollar assets such as the European single currency, reports Xinhua.

The dollar index, which gauges the greenback's value against six major peers such as the euro, the British pound and the Japanese yen, declined 0.2 per cent last month.

The country's foreign reserves were composed of $376.25 billion of securities, $16.53 billion of deposits, $4.79 billion of gold bullion, $3.41 billion of special drawing rights and $2.0 billion of IMF positions.

South Korea was the world's eighth-largest holder of foreign reserves as of October.

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