Foreign currency deposits at South Korean banks reached record high of $80.4 billion in November as consumers piled up U.S. dollars while the greenback value was weak, data showed Thursday.

According to data released by the Bank of Korea (BOK) on Thursday, foreign currency deposits in Korea amounted $80.4 billion as of as of the end of November and replaced the previous record high of $73.3 billion set in the previous month. It increased by $7.13 billion from a month earlier.

Foreign currency deposits include those held by Korean nationals as well as foreigners who have stayed in Korea for six months or longer and foreign companies operating in Korea.

U.S dollar deposits in Korean banks increased by $5.67 billion to reach $68.14 billion in November. In particular, U.S dollars held by individual Koreans grew by $2.28 billion from a month earlier, the biggest month gain since the BOK began compiling such data. U.S dollar deposits held by companies rose by $3.39 billion.

As U.S. dollar weakened, exporters chose to hold on to dollars and individuals went on to stock them up, said a BOK official.

Last month, U.S. dollar closed at $1,102.8 won in average, down 26.7 won from the previous month.

Japanese Yen deposits amounted $5.57 billion, up $580 million from the previous month, and euro-denominated deposits came at $3.78 billion, up $670 million from a month ago. Chinese Yuan deposits expanded $120 million to $1.12 billion in the same period.

By Kim In-oh and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]