S.Korea’s foreign reserves fall in October on strong U.S. dollar

SEOUL, Nov. 5 (Xinhua) — South Korea’s foreign currency reserves slightly fell last month as the strong U.S. dollar reduced the conversion value of non-dollar assets, central bank data showed Monday.

Foreign reserves amounted to 402.75 billion U.S. dollars as of end-October, down 0.25 billion dollars from a month earlier, according to the Bank of Korea.

The decline was attributed to the strong dollar, which pulled down the conversion value of non-dollar assets.

The European currency depreciated 2.5 percent versus the greenback, with the British pound sliding 2.8 percent to the dollar.

The Japanese yen rose 0.3 percent against the dollar, but the Australian dollar shed 1.4 percent to the dollar.

The country’s foreign reserves were composed of 375.78 billion dollars of securities, 16.71 billion dollars of deposits, 4.79 billion dollars of gold bullion, 3.46 billion dollars of special drawing rights and 2 billion dollars of IMF positions.

South Korea was the world’s eighth-largest holder of foreign reserves as of September.

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