Capital Flight Drains Reserves as Rupee, Rupiah Fall: Currencies
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Asian nations are depleting foreign reserves as they seek to bolster their currencies while investors pull billions of dollars from the region.
Of the 10 Asian central banks with the largest reserves, six have cut their holdings this year, led by a record 18 percent reduction by Indonesia, data compiled by Bloomberg show. Their reserves are rising at the slowest pace in data going back to 2000. Holdings in Asia probably contracted once price moves are taken into account, Citigroup Inc. estimates.