South Korea's foreign currency reserves dipped for two straight months as the strong U.S. dollar reduced the conversion value of non-dollar assets, the central bank data showed Friday.

Foreign reserves stood at 384.46 billion dollars as of end-October, down 0.21 billion dollars from a month earlier, according to the Bank of Korea (BOK).

The reserves, which had surpassed previous records from May to August, turned downward for two months through October.

Despite the continued increase in investment income, the dollar's appreciation shrank the conversion value of non-dollar assets.

The dollar got stronger as the U.S. Federal Reserve indicated an interest rate hike by the end of this year.

The European single currency depreciated 1.2 percent versus the greenback last month, with the British pound and the Japanese yen sliding 1.7 percent and 0.7 percent respectively.

The country's foreign reserves were composed of 357.41 billion dollars of securities, 17.29 billion dollars of deposits, 4.79 billion dollars of gold bullion, 3.28 billion dollars of special drawing rights and 1.69 billion dollars of IMF positions.

As of end-September, South Korea was the ninth largest holder of foreign reserves.