South Korea’s Foreign Exchange Reserves Hit All-time High

South Korea’s foreign exchange reserves increased by US$3 billion to a record high of US$406.3 billion last month as a result of a weak U.S. dollar.

The previous high, US$405.5 billion, was posted in January this year. A weak U.S. dollar tends to result in an increase in the value of the Bank of Korea’s non-U.S. dollar currencies converted to the U.S. dollar.

The won-dollar exchange rate fell 1.7 won per U.S. dollar and closed at 1,157.5 won per U.S. dollar at the end of October, entering the 1,150 won section for the first time in about four months.