S.Korea’s foreign reserves hit seven-month high

Seoul, May 4 (IANS) South Korea's foreign reserves rose highest in seven months as a weak US dollar increased the conversion value of non-dollar assets, central bank data showed on Thursday.

Foreign currency reserves reached $376.57 billion as of April-end, up $1.27 billion from March, according to the Bank of Korea (BOK).

It touched the highest since September 2016, marking the second-biggest figure in history, Xinhua news agency reported.

The increase in foreign reserves stemmed mainly from the dollar's weakness that raised the value of non-dollar assets such as the European currency and the British pound.

The euro appreciated 1.7 per cent against the dollar in April, with the pound jumping 3.4 per cent versus the greenback.

The foreign reserves were composed of $339.32 billion of securities holdings, $27.77 billion of deposits, $4.79 billion in gold bullion, $2.95 billion of special drawing rights and $1.74 billion of IMF positions.

As of March-end, South Korea was the eighth-largest holder of foreign reserves, unchanged from March.

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