S.Korea's foreign reserves fall on strong dollar

South Korea's foreign currency reserves fell last month as the strong U.S. dollar reduced the conversion value of non-dollar assets, central bank data showed Thursday.

Foreign reserves reached 368.46 billion U.S. dollars as of the end of November, down 1.14 billion dollars from a month earlier, according to the Bank of Korea (BOK).

Expectations for interest rate hike in the United States strengthened the value of the dollar, which led to a decline in the conversion value of non-dollar assets such as the euro and the yen.

The euro slumped 3.6 percent to the dollar last month, while the pound and the yen retreated 1.8 percent and 1.5 percent each versus the greenback.

As of end-November, the foreign reserves consisted of 336.48 billion dollars of securities, 22.39 billion dollars of deposits, 4.79 billion dollars of gold bullion, 3.39 billion dollars of special drawing rights and 1.41 billion dollars of International Monetary Fund positions.

As of end-October, South Korea ranked the world's seventh largest holder of foreign reserves. Enditem