Seoul, Dec 30 (NationPress) Foreign currency deposits in South Korea have experienced a rise for the first time in three months during November, according to data released by the central bank on Tuesday.

The total of outstanding foreign currency-denominated deposits held by residents reached US$103.55 billion at the end of November, reflecting an increase of $1.71 billion from the previous month, as reported by the Bank of Korea (BOK) and covered by Yonhap news agency.

This figure had peaked in August, reaching a 31-month high, but saw a decline in the subsequent two months. This downturn was primarily attributed to heightened corporate repayments of foreign-currency borrowings and overseas investments made by the national pension fund.

The term 'residents' includes South Korean nationals, foreigners who have resided in the country for over six months, and foreign enterprises. It is important to note that the data excludes interbank deposits.

A BOK official stated, "The increase in November was driven by companies receiving payments for current transactions and parking funds that would later be converted for the repayment of foreign-currency borrowings, among other factors."

Corporate foreign currency deposits surged by $1.67 billion month-on-month to $88.43 billion, while individual deposits saw a modest increase of $40 million, totaling $15.11 billion.

In terms of currency, deposits denominated in U.S. dollars rose by $1.96 billion to $87.59 billion, whereas deposits in Japanese yen declined by $500 million to $8.13 billion.

Additionally, euro deposits increased by $390 million to $5.4 billion, while Chinese yuan deposits fell by $100 million to $1.14 billion, according to the data.

Meanwhile, South Korean stocks exhibited a slight downturn late on Tuesday morning, despite gains in major tech stocks, as investors opted to take profits from recent increases in the final trading session of the year.

The benchmark Korea Composite Stock Price Index (KOSPI) decreased by 5.92 points, or 0.14 percent, to 4,214.64 as of 11:20 a.m.

The index opened lower, following overnight losses on Wall Street, and remained within a narrow range.

Net selling by foreign and institutional investors counteracted strong purchasing from retail investors.

The market had previously risen for two consecutive sessions due to impressive gains in large-cap semiconductor shares, approaching its all-time high of 4,221.87 set on November 3.