Asian FX reserves slip as central banks grapple with strong dollar
© Reuters. FILE PHOTO: Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. REUTERS/Florence Lo/Illustration/File Photo
Analysts at J.P. Morgan estimated Asian central banks, excluding China, have sold more than $30 billion of reserves in the past two months to stabilise currencies. Foreign exchange reserves have dwindled across the region. South Korea's reserves stood at $414.12 billion at September-end - the smallest amount since October 2022, while Indonesia's reserves fell to $134.9 billion last month, the lowest since November.
Indonesia's rupiah was, until early this month, one of few Asian currencies to be up against the dollar but is now down about 1% for the year. The South Korean won is down more than 5%, while the Thai baht has slipped nearly 5%. Speaking on the sidelines of the International Monetary Fund and World Bank annual meeting in Marrakech, RBI Governor Shaktikanta Das last week said,"central banks in emerging markets were required to intervene in the currency market from time to time to prevent excessive volatility".
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