S. Korea's foreign reserves rebound in June

South Korea's foreign exchange reserves rose to the second-highest level in June as a weaker U.S. dollar boosted the conversion value of assets in other currencies, the central bank said Friday.

The country's foreign reserves totaled US$274.22 billion as of the end of June, up $4 billion from the previous month, according to the Bank of Korea (BOK). The June gain came after foreign reserves declined by $8.65 billion in May, the largest monthly decline in 18 months.

The June foreign reserves marked the second-highest level since April, when foreign exchange holdings hit an all-time high of $278.87 billion, the central bank said.

Foreign reserves consist of securities and deposits denominated in overseas currencies, along with International Monetary Fund reserve positions, special drawing rights and gold bullion.

"Europe's debt crisis pounded the euro, but the reserves increased last month as investment profits rose and a stronger yen and pound raised their dollar conversion value higher," Moon Han-geun, an official at the BOK, told reporters.

As of the end of May, South Korea was the world's sixth-largest holder of foreign exchange reserves after China, Japan, Russia, Taiwan and India. / Yonhap News

Park Sae-jin swatchsjp@ajunews.com