foreign reserves-June tally

foreign reserves-June tally

Foreign reserves up in June on weak dollar

SEOUL, July 5 (Yonhap) -- South Korea's foreign reserves increased in June as the dollar's fall boosted the conversion value of holdings in other currencies and increased deposits, central bank data showed Wednesday.

The country's foreign reserves came to US$421.45 billion as of end-June, up $470 million from the previous month, according to the data from the Bank of Korea (BOK).

The dollar's slide last month boosted the converted value of holdings denominated in other currencies, the BOK explained.

The dollar index that gauges the greenback's value against major peers fell 0.8 percent last month, the central bank said.

Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion.

Foreign securities, such as U.S. Treasuries, had been valued at $375.64 billion as of end-June, down $3.3 billion from a month earlier. They accounted for 89.1 percent of foreign reserves, the data showed.

The value of deposits stood at $21.56 billion at the end of June, up $3.74 billion from a month earlier.

South Korea ranked as the world's ninth-largest holder of foreign reserves at the end of May, the BOK said.

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