South Korea forex hits new high

Seoul, Oct 4 - South Korea's foreign reserves hit another record high in September due to the depreciation of the US dollar, central bank data showed Friday.

The reserves reached $336.92 billion, up by $5.83 billion compared to August, according to the Bank of Korea, reports Xinhua.

The reserves recorded the highest monthly gain since October 2011 when the figure increased by $7.59 billion.

Sales of foreign currency stabilization bonds by the South Korean government also contributed to the growth in the foreign reserves.

The nation's foreign reserves consist of $311.26 billion of securities, $14.85 billion of deposits, $4.79 billion of gold bullion, $3.47 billion of special drawing rights and $2.55 billion of International Monetary Fund positions.

South Korea is the world's seventh largest holder of foreign reserves following China, Japan, Switzerland, Russia, Taiwan and Brazil. (IANS)

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