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BRIC communique doesn't mention dollar - report

Source: Wall Street Journal

Jun 16, 2009

Summary

NEW YORK (MarketWatch) -- A draft communique from the first-ever economic summit held Tuesday between Brazil, Russia, India and China, calls for a diversified and stable currency system, but makes no direct challenge to the dollar as the world's global reserve currency, Reuters reported. The official communique is expected to be released later on Tuesday. The announcement helped relieve some selling pressure from the dollar, according to Kathy Lien, director of currency research at Global Forex Trading. The dollar earlier came under pressure as Russian president Dmitry Medvedev renewed calls for global reserve currencies to complement the dollar. In recent action, the dollar index , which measures the U.S. unit against a basket of six major currencies, stood at 80.519 after trading at 80.330 earlier.

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