South Korea forex hits new high

South Korea's foreign reserves hit another record high in September due to the depreciation of the US dollar, central bank data showed Friday.

The reserves reached $336.92 billion, up by $5.83 billion compared to August, according to the Bank of Korea, reports Xinhua.

The reserves recorded the highest monthly gain since October 2011 when the figure increased by $7.59 billion.

Sales of foreign currency stabilization bonds by the South Korean government also contributed to the growth in the foreign reserves.

The nation's foreign reserves consist of $311.26 billion of securities, $14.85 billion of deposits, $4.79 billion of gold bullion, $3.47 billion of special drawing rights and $2.55 billion of International Monetary Fund positions.

South Korea is the world's seventh largest holder of foreign reserves following China, Japan, Switzerland, Russia, Taiwan and Brazil.