South Korea's M2 money supply grew at a faster rate from a month earlier in November, central bank data showed Wednesday.

The M2 gained 0.4 percent from a month earlier to reach 2,244.3 trillion won in November, quickening from a 0.1 percent on-month growth in the previous month, according to preliminary data from the Bank of Korea.

From a year earlier, the November figure marks a 7.7 percent increase.

The M2 refers to currency in circulation including bank debentures and deposits with a maturity of less than two years, as well as stock investments. It does not cover government or corporate bonds.

The rise in M2 apparently came as investors and consumers sought to find safer assets ahead of an imminent U.S. rate hike in December.

In November, bank deposits with a maturity of less than two years gained over 4.1 trillion won to some 884.6 trillion won, while money invested in money market funds dropped by nearly an equal amount, according to the BOK data.

The U.S. Federal Reserve raised its key rate at the December meeting of its Federal Open Market Committee, marking its first rate hike in nearly a decade.

In December, foreign investors remained net sellers of South Korean shares for 20 consecutive sessions since Dec. 2. (Yonhap)