Seoul, December 05 (QNA) – South Korea’s foreign reserves increased in November as the dollar-converted value of holdings rose thanks to the greenback’s fall, central bank data showed Monday.

The country’s foreign reserves stood at USD 416.1 billion as of end-November, up USD 2.09 billion from the previous month, according to the data provided by the Bank of Korea (BOK).

The rise came as the value of its non-dollar holdings increased when converted into the dollar thanks to the greenback losing ground against major currencies.

The dollar index, which measures the currency’s value against six major peers, weakened about 3.5 percent last month, the BOK said.

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

Of the total reserves, foreign securities, such as US Treasuries, were valued at USD 365.62 billion as of end-November, which accounted for 87.9 percent of total foreign reserves, the data showed.

The value of deposits stood at USD 26.68 billion, which made up 6.4 percent of the total.ย South Korea was ranked the world’s ninth-largest holder of foreign reserves as of the end of October, the BOK said. (QNA)

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