Korea’s foreign reserves up for 2nd month in August

SEOUL: Korea's foreign reserves increased for the second straight month in August on the back of the increased value of non-US dollar assets and investment gains, Yonhap News Agency reported, citing central bank data on Wednesday. The country's foreign reserves had come to $415.92 billion as of end-August, up $2.41 billion from the previous month, according to the data from the Bank of Korea (BOK). The central bank attributed the increase to a rise in the converted value of non-dollar assets amid the weak greenback and investment returns. The dollar index that gauges the greenback's value against major peers fell 3.1 percent last month, boosting the converted value of non-dollar assets, 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. Source: Emirates News Agency