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FX Reserves Rise in April on Weaker Dollar

Written: 2023-05-04 08:46:04Updated: 2023-05-04 09:55:18

FX Reserves Rise in April on Weaker Dollar

Photo : YONHAP News

South Korea's foreign reserves increased by over 600 million dollars in April on the back of the recent weakening of the U.S. dollar.

According to the Bank of Korea(BOK) on Thursday, the nation's foreign currency reserves totaled 426-point-68 billion dollars as of the end of last month, up 610 million dollars from a month earlier.

The reserves expanded for the second consecutive month.

The BOK said that the dollar's fall boosted the value of non-dollar assets when converted into the greenback. 

As of the end of March, South Korea was the world's ninth-largest holder of foreign exchange reserves. China topped the list at over three trillion dollars, followed by Japan, Switzerland and Russia.

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