Russian economic confidence falls to lowest level in two decades as war fatigue deepens
1 day ago
South Korea's foreign reserves rose in June despite measures by the authorities to stabilise the foreign exchange market, according to data released by the Bank of Korea on July 3.
According to the Yonhap News Agency, foreign reserves stood at $427.36bn at the end of June, an increase of $370mn from a month earlier. The gain reversed a decline of $880mn recorded in May.
The central bank said the increase was driven by a rise in foreign currency-denominated deposits held by financial institutions despite market stabilisation measures, including foreign exchange swaps with the National Pension Service.
The Korean won remained well beyond the psychologically significant level of 1,500 per US dollar throughout June amid continued net selling of domestic equities by foreign investors.
The currency weakened to KRW1,549.4 against the US dollar on the final day of June, its lowest level since March 6, 2009.
Foreign securities, including US Treasuries, fell by $330mn from a month earlier to $380.34bn at the end of June, accounting for 89% of the country's total foreign reserves.
Foreign currency deposits increased by $920mn to $22.27bn, while special drawing rights declined by $140mn to $15.64bn.
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