SEOUL: Foreign currency-denominated deposits in South Korea rose last month as companies were reluctant to sell U.S. dollars amid the greenback's weakness to the domestic currency, central bank data showed Monday.
Foreign currency deposits, owned by residents, came in at 81.33 billion U.S. dollars as of end-March, up 0.37 billion dollars from a month earlier, according to the Bank of Korea (BOK), reports Xinhua.Residents refer to locals as well as foreign companies and individuals who stayed here for at least six months.
The U.S. dollar-denominated deposits increased 0.61 billion dollars over the month to 70.08 billion dollars as of the end of March as local exporters refrained from the dollar funds amid the local currency's ascent to the greenback.
The Japanese yen-denominated deposits reduced 0.42 billion dollars to 4.71 billion dollars on increased payment of corporate dividend and the maturing bonds.
The European currency deposits fell 0.21 billion dollars to 3.3 billion dollars as local importers paid price for imports.
Deposits denominated in other currencies, including the British pound and the Australian dollar, stood at 2.16 billion dollars as of end-March, up 0.37 billion dollars from a month ago.