Foreign currency deposits in S. Korea drop
Data released by the central bank of South Korea showed that the foreign currency deposits in S. Korea decreased in the earlier month as companies started to sell the greenback on strong U.S. dollar.
Deposit in foreign currencies came in at USD74.87 billion by the end of the earlier month November, a decline of USD3.67 billion since the earlier month, the data showed.
The decline was attributed to companies withdrawing the dollar fund from bank accounts to sell the greenback as the dollar increased against the South Korean currency.
The won/dollar exchange rate came in at 1,181.2 won per dollar as of end-November, rising from 1,163.4 won in the earlier month.
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