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Russia to Buy Canadian Dollars, Mulls More Currencies

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PILING INTO THE LOONIE
Russia aims to diversify its reserves, increase gold holdings and promote regional currencies in trade and finance to reduce risks posed by the dollar’s dominance, Bloomberg reports. President Dmitry Medvedev has blamed the global financial crisis on an over- reliance on the U.S. currency. A week after it announced plans to buy more Canadian dollars, the currency appreciated by more than 1%. The U.S. dollar has fallen by 13.3% against the euro in the past year.
SOURCE:   Bloomberg

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