S.Korea FX reserves increase in July after four months of decline
(Corrects so as to add ‘billion’ to greenback quantity in third paragraph)
SEOUL (Reuters) -South Korea’s international alternate reserves elevated barely in July, central financial institution knowledge confirmed on Wednesday, ending 4 straight months of decreases led partly by authorities’ dollar-selling intervention to assist the gained.
The nation’s international alternate reserves, measured in U.S. {dollars}, elevated in July by $0.33 billion to achieve $438.61 billion on the finish of the month, the Financial institution of Korea mentioned in an announcement.
It was the primary month-to-month enhance after a mixed $23.49 billion lower during the last 4 months and solely a second one since October 2021.
The BOK mentioned the rise resulted from international asset funding returns and a rise in monetary establishments’ international foreign money deposits that offset a lower in transformed worth of non-dollar property.
The gained weakened lower than 0.1% towards U.S. greenback in July, following a 4.7% droop within the earlier month.
(Reporting by Jihoon Lee; Modifying by Michael Perry)
