South Korea's foreign currency reserves hit a record monthly high in April thanks to the weak U.S. dollar that increased the conversion value of non-dollar assets, central bank data showed Monday.
Foreign reserves reached a new high of 378.46 billion U.S. dollars as of end-May, up 1.89 billion dollars from a month earlier, according to the Bank of Korea (BOK).
The record-breaking foreign reserves stemmed from an increase in foreign assets investment return and the weak dollar, which raised the conversion value of non-dollar assets.
The European single currency appreciated 2.8 percent against the dollar, while the Japanese yen rising 0.4 percent versus the greenback.
The foreign reserves were composed of 350.26 billion dollars of securities holdings, 18.66 billion dollars of deposit, 4.79 billion dollars in gold bullion, 2.98 billion dollars of special drawing rights and 1.76 billion dollars of IMF positions.
As of end-April, South Korea was the eighth-largest holder of foreign reserves, unchanged from the prior month.
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