S.Korea FX reserves up for eighth month in October

SEOUL, Nov 3 - South Korea's foreign exchange reserves rose for a eighth consecutive month in October to hit a 19-month high, posting their biggest monthly gain in five months, central bank data showed on Tuesday.

South Korea's foreign exchange reserves rose by $9.94 billion to $264.19 billion at the end of October, the biggest monthly gain since a $14.3 billion rise in May, and their highest since March 2008.

The reserves were lifted by investment gains, repayment of borrowings by local banks and the unwinding of a currency swap with the state-run pension agency, the Bank of Korea said in a statement.

The rise in the country's foreign reserves, ranked sixth largest in the world at the end of August, also came as currency market traders spotted dollar-buying intervention by the authorities to control the strengthening won <KRW=>.

South Korea's foreign reserves ($ billion, at end-month):

Oct Sept Aug July June May April

264.19 254.25 245.46 237.51 231.73 226.77 212.48