FX reserves hit record high as U.S. dollar weakens

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FX reserves hit record high as U.S. dollar weakens

Korea’s foreign exchange reserves hit a fresh record high in November on the back of the weakening U.S. dollar, central bank data showed Tuesday.

The total value of the country’s foreign exchange reserves reached $387.25 billion as of the end of November, up $2.79 billion from the previous month, the Bank of Korea (BOK) said in a statement.

The figure marks the largest monthly total and exceeds the earlier record of $384.84 billion set in August.

The BOK said that the recent depreciation of the U.S. dollar increased the value of non-dollar currencies when converted into the greenback.

Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as International Monetary Fund (IMF) reserve positions, special drawing rights and gold bullion.

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