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S. Korea's FX reserves climb to 3-month high in May

Finance 06:00 June 03, 2020

SEOUL, June 3 (Yonhap) -- South Korea's foreign exchange (FX) reserves jumped to a three-month high in May, helped by the weakening of the U.S. dollar, central bank data showed Wednesday.

The country's FX reserves came to US$407.3 billion as of the end of last month, according to the data from the Bank of Korea (BOK).

The reading marks a $3.33 billion increase from April, and the highest since $409.17 billion tallied at end-February.

The BOK said the increase "is partly attributed to the U.S. dollar's weakness that drove up the value of other currencies when converted into the U.S. greenback."

In this photo taken April 17, 2020, a bank official inspects U.S. currency at a branch office in Seoul. (Yonhap)

At end-May, each euro fetched $1.107, up 2.3 percent from about $1.082 a month earlier, it added.

South Korea's FX reserves are the world's ninth-largest.

FX reserves held in foreign securities stood at $365.71 billion at end-May, up $4.2 billion from a month before, while those held in savings came to $30.01 billion, down $1.21 billion over the cited period.

FX reserves include special drawing rights, International Monetary Fund (IMF) reserve position and gold bullion.

The country's special drawing rights dipped $450 million to $2.8 billion, while its IMF reserve position added $790 million to $3.99 billion.

Its gold holdings remained unchanged at $4.79 billion.

bdk@yna.co.kr
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