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S.Korea foreign exchange bank deposits hit record high in Oct

SEOUL, Nov 18 (Reuters) - South Korea’s foreign exchange bank deposits jumped to a record high in October, central bank data showed on Wednesday, as dollar-dominated deposits spiked for trade settlement and investment purposes.

Total foreign exchange bank deposits were at $93.32 billion as of end-October, up $7.87 billion from a month earlier, the highest monthly jump in three years, according to the Bank of Korea.

Dollar deposits rose by $6.85 billion to $80.32 billion, also a record high, after decreasing $3.12 billion in September. It accounted for 86.1% of all foreign currency bank deposits.

Dollar deposits increased as the won surged to a 19-month high towards the end of October, prompting exporters to keep more deposits and importers to buy cheaper dollars.

South Korean businesses also bought more dollars temporarily for overseas investment.

Yen deposits rose around $340 million to $5.29 billion, while those in euro and yuan rose by $540 million and $50 million to $4.40 billion and $1.68 billion, respectively, data showed. (Reporting by Joori Roh, Yena Park; Editing by Ramakrishnan M.)

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