S.Korea's Foreign Currency Deposit Grows On Strong USD

South Korea's foreign currency deposit grew last month as the strong U.S. dollar drove higher demand for the dollar deposit, central bank data showed Wednesda

SEOUL, (UrduPoint / Pakistan Point News - 18th Sep, 2019 ):South Korea's foreign currency deposit grew last month as the strong U.S. dollar drove higher demand for the dollar deposit, central bank data showed Wednesday.

Deposit denominated in foreign currencies reached 70.97 billion U.S. dollars as of end-August, up 1.3 billion dollars from a month earlier, according to the Bank of Korea (BOK).

The dollar-denominated deposit gained 1.24 billion dollars to 60.84 billion dollars in the cited period on the dollar's ascent versus the domestic currency that encouraged individuals and companies to raise the dollar holdings.

The won/dollar exchange rate settled at 1,211.2 won per dollar at the end of last month, up 28.1 won from a month earlier.

The dollar deposit, held by companies, grew 760 million dollars to 47.66 billion dollars as of end-August, while the individuals-owned dollar deposit rose 480 million dollars to 13.18 billion dollars.

The Japanese yen-denominated deposit added 140 million dollars to 4.13 billion dollars in the month, and the euro deposit inched up 10 million dollars to 3.33 billion dollars. Deposit denominated in the Chinese yuan fell 40 million dollars to 1.23 billion dollars.