Russia Buying Canadian Dollars

Alexei Ulyukayev, first deputy chairman of Russia’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.

“We have recently begun investing in assets denominated in the Canadian dollar,” Ulyukayev, said in an interview yesterday in Moscow. “So far, the amounts are very small, but there’s perhaps potential for increasing our holdings.”

Ulyukayev’s comments helped make Canada’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.

Source: Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.