Korea’s foreign reserves up for 2nd month in August

SEOUL: Korea's foreign reserves increased for the second straight month in August on the back of the increased value of non-US dollar assets and investment gains, Yonhap News Agency reported, citing central bank data on Wednesday.The country's foreign reserves had come to $415.92 billion as of end-August, up $2.41 billion from the previous month, according to the data from the Bank of Korea (BOK).The central bank attributed the increase to a rise in the converted value of non-dollar assets amid the weak greenback and investment returns.The dollar index that gauges the greenback's value against major peers fell 3.1 percent last month, boosting the converted value of non-dollar assets, the central bank said.Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, special drawing rights and gold bullion.Source: Emirates News Agency