S.Korea's foreign reserves hit 7-month high

South Korea's foreign reserves rose to the highest in seven months as the weak U.S. dollar increased the conversion value of non-dollar assets, central bank data showed Thursday.

Foreign currency reserves reached 376.57 billion dollars as of end-April, up 1.27 billion dollars from a month ago, according to the Bank of Korea (BOK).

It touched the biggest since September last year, marking the second-biggest figure in history.

The increase in foreign reserves stemmed mainly from the dollar's weakness that raised the value of non-dollar assets such as the European currency and the British pound.

The euro appreciated 1.7 percent against the dollar last month, with the pound jumping 3.4 percent versus the greenback.

The foreign reserves were composed of 339.32 billion dollars of securities holdings, 27.77 billion dollars of deposits, 4.79 billion dollars in gold bullion, 2.95 billion dollars of special drawing rights and 1.74 billion dollars of IMF positions.

As of end-March, South Korea was the eighth-largest holder of foreign reserves, unchanged from the previous month. Endit