S. Korea's foreign reserves fall to US$258.1 bln
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Foreign Exchange

S. Korea's foreign reserves fall to US$258.1 bln

ISI news

Yonhap News

FX reserve-June

SEOUL, July 2 (Yonhap) -- South Korea's foreign exchange

reserves dropped slightly in June from May as the central bank

sold some of its dollar holdings to bolster the local currency

amid spiraling inflation.

The nation's foreign reserves fell to US$258.1 billion as of

the end of June from $258.2 billion a month earlier, the Bank of

Korea (BOK) said in a statement Wednesday.

Foreign reserves consist of securities and deposits denominated

in overseas currencies along with International Monetary Fund

reserve positions, special drawing rights and gold bullion.

"Foreign reserves fell marginally in June as the central bank's

dollar supply to the foreign exchange market offset the effects of

higher investment profits and a weaker U.S. dollar," said Ha

Keun-cheol, a BOK official.

Dealers estimated that foreign exchange authorities unloaded at

least $5 billion in June to curb the won's steep losses.

A weaker won against the greenback is putting upward pressure

on inflation by making imports more expensive.

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