South Africa’s Forex reserves at $62.087 billion in May

Foreign exchange reserves in South Africa expanded to $62.087 billion in May from $61.795 billion in April, data by the South African Reserve Bank showed.

The nation’s foreign currency reserves grew to $46.424 billion in May from $46.287 billion in April.

Meanwhile, gold reserves increased to $9.449 billion in May from $9.320 billion in April, while Special Drawing Rights rose to $6.214 billion from $6.188 billion.

The USD/ZAR currency pair settled 0.58% lower at 18.8371 on Friday. For the week, the exotic currency pair advanced 0.54%, as it extended the gains from the prior two trading weeks.

The Forex pair settled not far from a six-week high of 19.0034, which it registered on June 6th.