S Korea’s foreign currency deposit rises on strong USD

18 June, 2019 12:00 AM printer

SEOUL: The foreign currency deposit in South Korea rose last month as companies refrained from selling the U.S. dollar fund amid the strong dollar trend, central bank data showed Monday.

Deposit denominated in foreign currencies reached 65.61 billion U.S. dollars in May, up 2.41 billion dollars from the previous month, according to the Bank of Korea (BOK), reports Xinhua.

The strong dollar trend boosted expectations for the dollar's further ascent to the local currency, encouraging local exporters to refrain from selling the dollar fund.

The won/dollar exchange rate was 1,190.9 won per dollar as of end-May, up 22.7 won from a month earlier.