S.Korea's foreign currency deposits hit record high on weak dollar

SEOUL, Jan. 15 (Xinhua) -- Foreign currency deposits in South Korea hit a record monthly high as exporters refrained from selling the U.S. dollar amid the weak dollar trend, central bank data showed Monday.

Deposits denominated in foreign currencies came in at 83.03 billion U.S. dollars as of end-December last year, up 2.62 billion dollars from a month earlier, according to the Bank of Korea (BOK).

It kept a record-breaking trend for three straight months as local exporters refrained from swapping export proceeds for the domestic currency amid the weakening of the dollar.

The won/dollar exchange rate averaged 1,085.78 won per dollar in December, down 1.7 percent from the previous month. Exporters were waiting for the dollar's appreciation to the local currency.

The dollar-denominated deposits advanced 2.65 billion dollars over the month to 70.79 billion dollars as of the end of December.

The Japanese yen deposits stood at 5.79 billion dollars, while the deposits in the European single currency came in at 3.45 billion dollars. Enditem