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S.Korea foreign exchange bank deposits hit record in March
April 14, 2017 / 3:02 AM / 7 months ago

S.Korea foreign exchange bank deposits hit record in March

SEOUL, April 14 (Reuters) - South Korea’s foreign exchange deposits rose for a third month to hit a record high in March, central bank data showed on Friday, as dollar-denominated deposits spiked.

The Bank of Korea said total foreign exchange deposits rose by $2.6 billion to $70.54 billion in March, the highest on record, from $67.94 billion in February.

The deposits rose mainly because South Koreans snapped up dollars for investment purposes as the won rose to a six-month high towards the end of March.

Dollar deposits rose $2.16 billion to $60.14 billion, while deposits in the yen increased $110 million to $4.26 billion, the data showed. (Reporting by Cynthia Kim; Editing by Eric Meijer)

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