Australian reserves on the up

AUSTRALIA - The Reserve Bank took advantage of the local dollar's strength against the greenback last month to sell a net $170 million in local currency on the spot market and add to its foreign exchange reserves.

This is the second month in a row the RBA has sold the local currency as it starts to unwind two bouts of intervention exceeding $1 billion to support the Australia dollar in July and September last year.

The central bank also sold off $29 million in April -- its first such currency