Forex reserves dip below $300 bn
On August 15, forex reserves fell by $3.8 billion to $296.21 billion mainly on account of an appreciation of the dollar against other currencies. Foreign exchange reserves went above the $300-billion mark in February this year and touched an all-time high of $316.17 billion in the week ended May 23, Reserves have, however, declined for the last six weeks. Even during the previous week, foreign exchange reserves fell by $5.6 billion and the decrease was attributed to selling by foreign institutional investors due to volatility in the Indian stock markets.
Forex Trading Strategy: Japanese Yen
Yen rallies in currency tradingForex trading strategy should consider that the Japanese yen is on the rise right now. The yen is rallying in currency trading on the FX market as risk aversion sets in.
Most of the worries have to do with the U.S. financial markets. Concerns stemming from the financial sector are creating a situation in which investors are concerened about taking risks. This means that the yen carry trade is unwinding.
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