S Korea’s foreign currency deposit hits 28-month low

17th May, 2019 12:06:06 printer

SEOUL: Foreign currency deposit in South Korea hit the lowest in 28 months as companies sold the U.S. dollar funds for the local currency amid the strong dollar trend, central bank data showed Thursday.

Foreign currency deposit, possessed by residents, amounted to 63.2 billion dollars as of end-April, down 3.95 billion dollars from a month earlier, according to the Bank of Korea (BOK). The residents refer to locals and foreign residents staying here at least six months, reports Xinhua.

It was the lowest since December 2016 as local firms swapped the dollar funds for the domestic currency amid the dollar's ascent to the South Korean currency. The won/dollar exchange rate closed at 1,168.2 won per dollar at the end of last month, up 33.1 won from a month earlier.