SEOUL : South Korea’s foreign exchange reserves shrank last month for a fourth consecutive month and by the most since the 2008 global financial crisis due in part to dollar-selling intervention to support the won, data showed on Tuesday.
The Bank of Korea said the country’s foreign exchange reserves, measured in U.S. dollars, declined in June by $9.43 billion to reach $438.28 billion at the end of the month.
The central bank attributed the decline to the U.S. dollar’s strength, which cut the dollar value of assets held in other currencies, and its dollar-selling intervention to support the weakening won. It did not provide a breakdown of the figures.
The foreign exchange reserves declined by a combined $23.49 billion during the March-June period, its data showed.
South Korea’s won fell 8.4 per cent against the dollar for the first six months of this year, just off a near 13-year low set on June 30, due to the mix of the dollar’s…
