Seoul: Foreign currency deposits in South Korea rose for the third consecutive month in June on increased dollar savings, central bank data showed Monday. Outstanding foreign currency-denominated deposits held by residents stood at US$113.33 billion at the end of June, up $1.08 billion from a month earlier.

According to Yonhap News Agency, the reading has been rising since April. Residents include South Korean citizens, foreigners who have lived in the country for more than six months, and foreign companies. The data excludes interbank deposits.

By currency, U.S. dollar-denominated deposits increased $2.25 billion to $97.8 billion, marking a rise for the third consecutive month. However, euro-denominated deposits dropped $460 million to $5.84 billion, while Japanese yen deposits also fell by $410 million to $7.12 billion.

Corporate foreign currency deposits saw an increase of $1.58 billion to $98.99 billion, whereas individual holdings declined by $500 million to $14.33 billion. The BOK attributed the increase in dollar deposits to higher basic deposits required for derivatives trading amid stock market volatility, as well as increased dollar receipts by exporting companies.