South Korea's foreign reserves declined for the third consecutive month in June.

According to the Bank of Korea(BOK) on Wednesday, the nation's foreign currency reserves stood at 412-point-21 billion dollars as of the end of June, down 620 million dollars from a month earlier.

The BOK said despite an increase in the foreign currency deposits, the FX reserves fell due to the repayment of foreign exchange stabilization bonds and the central bank's foreign currency swap with the country's national pension fund.

The BOK also cited a drop in the converted value of non-dollar assets with the appreciation of the U.S. currency. 

As of the end of May, South Korea ranked ninth in the world in terms of foreign exchange reserves, with China topping the list at over three trillion dollars, followed by Japan, Switzerland and India.