SEOUL, Oct 5 (Reuters) - South Korea's foreign reserves rose by 1.6 percent in September to a record high on a rise in the value of European currencies against the U.S. dollar and on investment gains, the central bank said on Friday.
Foreign reserves held by Asia's fourth-largest economy rose to $322.01 billion by end-September from $316.88 billion at end- August, the Bank of Korea said in a statement, replacing the previous record high set in August.
It was the biggest monthly increase in value of the foreign reserves since October 2011. Foreign reserves include a small amount of special drawing rights (SDRs) at the International Monetary Fund, IMF position and gold.
The central bank attributed the increased reserves to the appreciation of the euro
and the pound
against the dollar, which lift the value of reserves converted into the U.S. unit, as well as profits from securities holdings.
South Korea, which had the world's seventh-largest foreign exchange reserves as of the end of August, held 91.4 percent of its reserves in the form of securities.
South Korean foreign reserves (in $ bln, at end-month):
Sept Aug July June May Apr Mar 322.01 316.88 314.35 312.38 310.87 316.84 315.95
(Reporting by Christine Kim; Editing by Choonsik Yoo)
Keywords: KOREA ECONOMY/RESERVES