Visitors look at hats as they attend the opening of the "August 3 Consumer Goods Exhibition-2023" in the Pyongyang Underground Shop in Pyongyang on August 3, 2023. (Photo by KIM Won Jin / AFP)
Seoul: South Korea's foreign reserves increased for a second straight month in July as the US dollar's fall boosted the conversion value of holdings in other currencies and increased investment returns, central bank data showed Thursday.
The country's foreign reserves came to $421.80 billion as of end-July, up $350 million from the previous month, according to the data from the Bank of Korea (BOK).
The dollar's slide last month boosted the converted value of holdings denominated in other currencies, the BOK explained, according to Yonhap News Agency.
The dollar index that gauges the greenback's value against major peers fell 1.7% last month, the central bank said.
Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion.
Foreign securities, such as US Treasuries, had been valued at $376.53 billion as of end-July, up $890 million from a month earlier. They accounted for 89.3% of foreign reserves, the data showed.
