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S. Korea's FX Reserves Rise for Third Month in June

Written: 2020-07-03 09:20:49Updated: 2020-07-03 10:29:24

S. Korea's FX Reserves Rise for Third Month in June

Photo : YONHAP News

South Korea's foreign exchange reserves rose to a new record high in June, partly due to the weakening of the U.S. dollar.

According to the Bank of Korea on Friday, the country's foreign reserves came to 410-point-75 billion dollars as of the end of last month, up three-point-44 billion dollars from a month earlier. 

The monthly figure plunged nearly nine billion dollars in March but rebounded and posted growth for the following three months. 

The central bank said the rise in June is attributed to increased returns on its foreign assets and the U.S. dollar's weakness that drove up the value of other currencies when converted into the U.S. greenback. 

South Korea retained its position as the world's ninth-largest holder of foreign exchange reserves at the end of May, with China topping the list, followed by Japan and Switzerland.

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