Alexei Ulyukayev, first deputy chairman of RussiaÃ¢â‚¬â„¢s central bank, said in an interview today that Russia is adding Canadian-denominated assets to its foreign reserves. Ulyukayev noted that Russia is attempting to diversify its holdings of nearly $500 billion, the world’s third largest cache of foreign reserves.
Ã¢â‚¬Å“We have recently begun investing in assets denominated in the Canadian dollar,Ã¢â‚¬Â Ulyukayev, said in an interview yesterday in Moscow. Ã¢â‚¬Å“So far, the amounts are very small, but thereÃ¢â‚¬â„¢s perhaps potential for increasing our holdings.Ã¢â‚¬Â
UlyukayevÃ¢â‚¬â„¢s comments helped make CanadaÃ¢â‚¬â„¢s dollar the best performer among the 16 most-traded U.S. dollar counterparts yesterday. The currency appreciated as much as 1.5 percent, the biggest intraday move since Sept. 1, to C$1.0092 per U.S. dollar. It traded at C$1.0099 at 5 p.m. in Toronto yesterday, compared with C$1.0247 on Nov. 23. One Canadian dollar buys 99.02 U.S. cents.
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