S. Africa's gold, forex reserves decline in Jan. 

(MENAFN) A report issued by the South African Reserve Bank showed that the country's South African gross gold and foreign currency reserves fell for a second consecutive month in January as the dollar strengthened, Reuters reported.

Gross gold and foreign currency reserves declined 0.5 percent to $39.5 billion last month, the Pretoria-based central bank said. Net reserves dropped to $38.6 billion from $39 billion.

The dollar strengthened against 13 of 16 major currencies last month, gaining 3.3 percent against the euro. In the same period the price of gold fell 1.5 percent, cutting the value of the reserves.

The Reserve Bank hasn't increased the pace of dollar purchases to curb the rand's 28 percent rally last year, even after Finance Minister Pravin Gordhan said the local currency was too strong and exporters complained that it was making them uncompetitive.