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S.Korea's foreign currency deposits post biggest monthly fall on strong USD
Last Updated: 2018-07-16 13:51 | Xinhua
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Foreign currency deposits in South Korea posted the biggest monthly fall last month as account holders sold U.S. dollar amid the dollar's ascent to the local currency, central bank data showed Monday.

Foreign currency deposits, owned by residents, stood at 67.62 billion U.S. dollars as of the end of June, down 7.17 billion dollars from a month earlier, according to the Bank of Korea (BOK).

It marked the biggest reduction since the BOK began compiling the data in June 2012. Residents refer to locals and foreigners who stayed here for at least six months.

The sharp reduction came as the dollar appreciated to the South Korean currency, encouraging account holders to sell the high-valued dollar funds.

The won/dollar exchange rate was 1,115.0 won per dollar as of end-June, up 37.0 won from a month earlier.

The dollar-denominated deposit tumbled 5.89 billion dollars over the month to 56.65 billion dollars in June.

The Japanese yen deposit shed 490 million dollars to 4.43 billion dollars, while the euro-denominated deposits fell 340 million dollars to 3.61 billion dollars.

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