S Korea’s foreign reserves fall

7 April, 2020 12:00 AM printer

SEOUL: South Korea's foreign reserves fell last month as the foreign exchange authorities floated the U.S. dollar funds in the currency market amid the dollar's surge to the local currency, central bank data showed Friday.

Foreign reserves amounted to 400.21 billion U.S. dollars as of the end of March, marking the lowest in almost two years since May 2018, according to the Bank of Korea (BOK), reports Xinhua.

It was down 8.96 billion dollars from a month earlier, posting the biggest monthly decline since November 2008.

The sharp fall came as the foreign exchange authorities sold the dollar funds in the currency market amid the local currency's drop versus the greenback.

The won/dollar exchange rate finished at 1,228.3 won per dollar Thursday.


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