Canadian Dollar rises on news Russian central bank to invest foreign reserves in loonie

Dollar rises on news Russian central bank to invest foreign reserves in loonie
(CP) – 8 hours ago

TORONTO — The Canadian dollar shot closer to parity with the U.S. dollar on Wednesday after the Russian central bank said it is preparing to invest in the loonie and diversify away from the American greenback.

The Russian central said it plans to invest some of its foreign exchange reserves in Canada's currency to diversify its portfolio and reduce dependence on the U.S. dollar.

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Last Edited by SHR on 10/22/2011 02:11 PM