South Africa’s Forex reserves shrink in October

Written by Miroslav Marinov

Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.

, | Updated: November 20, 2024

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%.

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