South Korea's foreign reserves declined for the third consecutive month in October on the appreciation of the U.S. dollar.

According to the Bank of Korea(BOK) on Friday, the nation's foreign currency reserves stood at 412-point-87 billion dollars as of the end of October, down one-point-24 billion dollars from a month earlier to continue the contraction that began in August.

The BOK pinned the decrease on market stabilization measures and a drop in the value of non-dollar currencies.

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