Currency Note Worldwide

Russia to build foreign currency reserves; Norwegian krone rallies

By Ricky Bean May 18th, 2015

  • At the end of last week Russia announced its intention to bolster its foreign currency reserves with the goal of improving its credit rating. The suggested levels of re-purchases are in the region of US$150 million per day. This created movement for the rouble on Friday afternoon.
  • With oil prices slowly beginning to rise, and speculators continuing to sell off the US dollar, the Norwegian krone found itself at a month’s high against the dollar, strengthening over 12% over the last 30 days.

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