Foreign reserves decreased for the third month in a row in May.

According to the Bank of Korea(BOK) on Tuesday, the nation's foreign currency reserves stood at 447-point-seven billion U.S. dollars as of the end of last month, down by one-point-59 billion dollars from a month earlier.

The central bank said that the value of non-dollar assets increased with the depreciation of the U.S. dollar, but the overall reserves decreased due to market stabilization measures.

Foreign reserves have declined for three straight months since March.

As of the end of April, South Korea was the world's ninth-largest holder of foreign exchange reserves, down one notch from the previous month. China topped the list at three-point-12 trillion dollars, followed by Japan and Switzerland. With the exception of Saudi Arabia, all top ten countries witnessed a drop in their reserves.