Forex Reserves Drop for 1st Time in 3 Months
06 July, 2021
Korea's foreign exchange reserves fell in June for the first time in three months after a record run.
The Bank of Korea said Monday that its forex reserves were worth about US$454 billion in June, down $2.4 billion from May.
In June, the dollar strengthened against other currencies the country holds as the Fed hinted at an interest rate hike, which hit the value of the euro, pound and yen.
But Korea's foreign exchange reserves were still the eighth largest in the world at the end of May. China ranks first with $3.22 trillion, followed by Japan's $1.39 trillion and Switzerland's $1.73 trillion.
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