Several Asian central banks tapped their foreign exchange (FX) reserves in September to support their currencies that declined because of global market turbulence, The Wall Street Journal reports. Asian currencies fell as foreign investors reduced holdings in emerging markets and scrambled for dollars on concerns over the vulnerability of European banks and a likely global recession. Reserves held by Indonesia dropped $10.1 billion to $114.5 billion as of September 30 from a month earlier, while the Philippines saw a $301 million decline to $75.639 billion. Singapore’s reserves stood at $233.62 billion, down $15.56 billion, and South Korea’s at $303.3 billion, down $8.8 billion.
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