Seoul: Foreign currency deposits in South Korea decreased for the first time in five months in October, driven by a decline in corporate demand for U.S. dollar-denominated deposits and an increase in import settlements amid a weak Korean won, data from the central bank showed. According to Yonhap News Agency, the Bank of Korea reported that residents' foreign currency-denominated deposits stood at US$98.97 billion at the end of October, marking a decrease of $5.1 billion from the previous month. This decline follows a period from June through September where deposits had been on the rise, recovering from a prior four-month downturn. The term 'residents' encompasses local citizens, foreigners residing in South Korea for over six months, and foreign firms, while interbank foreign currency deposits are not included in the data. A closer look at the currency specifics reveals that dollar-denominated deposits fell by $3.1 billion to $82.74 billion, and Japanese yen-denominated deposits dropped by $540 million, r eaching $9.8 billion. Similarly, euro-denominated deposits decreased by $800 million to $4.18 billion, and Chinese yuan-denominated deposits fell by $600 million to $1.19 billion. The decline in deposits was primarily seen in corporate accounts, which diminished by $4.47 billion to $84.28 billion, while individual deposits decreased by $630 million to $14.69 billion. The Korean won weakened significantly against the U.S. dollar, with the exchange rate shifting from 1,319.6 won in September to 1,383.3 won by the end of October, as per the Bank of Korea's data. .