South Korea's foreign reserves saw an increase for the second consecutive month in July on the depreciation of the U.S. dollar and a rise in the operating profit of foreign assets.

According to the Bank of Korea(BOK) on Thursday, the nation's foreign currency reserves stood at 421-point-eight billion dollars as of the end of July, up 350 million dollars from a month earlier.

The reserves rebounded in June after declining for the first time in three months in May.

A BOK official pointed to a one-point-seven-percent depreciation of the U.S. dollar last month, which raised the value of non-dollar assets.

As of the end of July, South Korea was the world's eighth-largest holder of foreign exchange reserves, up one notch from the end of June. China topped the list at over three trillion dollars, followed by Japan, Switzerland and India.