Foreign reserves snap 2-month dip in March on investment gains
A bank manager organizes dollar banknotes at a main branch of Hana bank in Seoul, April 2. Yonhap
Korea's foreign reserves rebounded last month from a second straight month of decline as investment gains offset the decreased conversion value of non-dollar assets, central bank data showed Wednesday.
The country's foreign reserves had come to $419.25 billion as of end-March, up $3.51 billion from the previous month, according to the data from the Bank of Korea (BOK).
The central bank said gains from investment and deposits increased offsetting a fall in the converted value of holdings denominated in other currencies.
The dollar index that gauges the greenback's value against major peers rose 0.6 percent last month, the central bank said.
Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion.
Foreign securities, such as U.S. Treasuries, had been valued at $364.89 billion as of end-March, down $4.63 billion from a month earlier. They accounted for 87 percent of foreign reserves, the data showed.
The value of deposits stood at $30.53 billion at the end of February, up $8.73 billion over the cited period.
Korea ranked as the world's ninth-largest holder of foreign reserves at the end of February, the BOK said. (Yonhap)