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S.Korea's foreign reserves fall for 2 months on strong dollar

Xinhua, September 3, 2015 Adjust font size:

South Korea's foreign reserves declined for two straight months on the back of strong U.S. dollar that reduced the conversion value of non-dollar assets, central bank data showed Thursday.

Foreign reserves amounted to 367.94 billion dollars as of end- August, down 2.88 billion dollars from a month ago, according to the Bank of Korea (BOK).

The foreign currency reserves kept growing from February to June when it posted the new record high of 374.74 billion dollars. It began to slump in July on the dollar's ascent caused by expectations for interest rate hike in the United States within this year.

The strong dollar reduced the conversion value of non-dollar assets, including the European single currency.

The foreign reserves consisted of 336.11 billion dollars of securities, 22.04 billion dollars of deposits, 4.79 billion dollars of gold bullion, 3.48 billion dollars of special drawing rights and 1.51 billion dollars of International Monetary Fund positions.

As of end-July, South Korea ranked the world's sixth-larger holder of foreign reserves, following China, Japan, Saudi Arabia, Switzerland and China's Taiwan. Endi