emirates7 - South Korea's foreign reserves bounced back in June after hitting a five-year low, according to data released Thursday by the Bank of Korea (BOK).
As of the end of June, the country's foreign reserves stood at US$410.2 billion, marking an increase of $5.61 billion from the previous month. This is the highest level since January, when reserves totaled $411.01 billion.
The reserves had been declining for two straight months, falling to their lowest point since April 2020, when they were recorded at $403.98 billion, Yonhap News Agency reported.
The BOK attributed June's rebound to two main factors: an increase in the dollar-converted value of non-dollar foreign assets due to the weakening US dollar, and stronger investment returns.
Foreign securities, including US Treasuries, made up the bulk of the reserves, reaching $358.5 billion by the end of June—an increase of $1.47 billion from May—and accounting for 87.4 percent of the total.
Deposits also saw a notable rise, climbing 6.5 percent month-on-month to $26.54 billion during the same period.
As of the end of May, South Korea ranked as the 10th-largest holder of foreign reserves globally. China held the top spot, followed by Japan, Switzerland, India, and Russia, the BOK noted.
As of the end of June, the country's foreign reserves stood at US$410.2 billion, marking an increase of $5.61 billion from the previous month. This is the highest level since January, when reserves totaled $411.01 billion.
The reserves had been declining for two straight months, falling to their lowest point since April 2020, when they were recorded at $403.98 billion, Yonhap News Agency reported.
The BOK attributed June's rebound to two main factors: an increase in the dollar-converted value of non-dollar foreign assets due to the weakening US dollar, and stronger investment returns.
Foreign securities, including US Treasuries, made up the bulk of the reserves, reaching $358.5 billion by the end of June—an increase of $1.47 billion from May—and accounting for 87.4 percent of the total.
Deposits also saw a notable rise, climbing 6.5 percent month-on-month to $26.54 billion during the same period.
As of the end of May, South Korea ranked as the 10th-largest holder of foreign reserves globally. China held the top spot, followed by Japan, Switzerland, India, and Russia, the BOK noted.