Forex Reserves Swell to Fresh Record High

Korea's foreign exchange reserves grew to a new high in March for the third month running. The Bank of Korea said Monday the country's foreign exchange reserves totaled US$298.6 billion in March, up $950 million from February. The rise was due to a 2.6 percent gain in the euro in March, which bolstered their U.S. dollar conversion value.

However, concerted efforts by G7 countries to intervene in their foreign exchange markets after the devastating earthquake in Japan caused the yen to drop 1.4 percent against the dollar, while the British pound also fell 1.7 percent, capping the growth of Korea's forex reserves at just $950 million, less than the $1.71 billion gain in February.