South Korea's August foreign reserves rise to record high

[SEOUL] South Korea's foreign exchange reserves in August hit a record high of US$375.46 billion from US$371.38 billion in July, central bank data showed on Monday.

The rise was led by an increase in the value of foreign currencies when converted into dollars, according to the Bank of Korea.

Securities, a major component of the overall reserves, increased by US$7.97 billion to US$344.80 billion from the previous month, while deposits saw a US$3.91 billion increase to US$21.5 billion.

South Korea has the seventh largest stockpile of foreign exchange reserves in the world.

REUTERS