South Africa’s Forex reserves shrink in October

Foreign exchange reserves in South Africa decreased to $63.028 billion in October from a record high of $63.633 billion in September, data by the South African Reserve Bank showed.

Special Drawing Rights dropped to $6.310 billion in October from $6.427 billion in September, while foreign currency reserves shrank to $45.515 billion from $46.551 billion previously.

Conversely, the nation’s gold reserves increased to $11.203 billion in October from $10.655 billion in September.

And, the forward position went up to $0.538 billion in October from $0.534 billion in September.

The USD/ZAR currency pair settled 1.58% higher at 17.5412 on Friday. For the week, the exotic currency pair went down 0.49%.