Page last updated at 07:05 GMT, Monday, 15 June 2009 08:05 UK

Dollar's reserve status 'is safe'

Alexei Kudrin
Mr Kudrin said the US dollar's reserve status was safe

The dollar has risen after Russian finance minister Alexei Kudrin said it would not be replaced as the world's reserve currency in the near future.

Earlier in the week, Russian President Dmitry Medvedev and Chinese central bank governor Zhou Xiaochuan had both questioned the dollar's status.

They had said it was time to consider an alternative benchmark currency for international debt.

But Mr Kudrin said "it's too early to speak of an alternative".

His remarks came ahead of a summit of leaders of Russia, China, India and Brazil on Tuesday in the Russian city of Yekaterinburg.

A Kremlin spokesman said on Sunday that the summit would not be discussing the possibility of a new global reserve currency.

"We will speak more about the possible ways to reform international financial institutions," he said.

The dollar was up 0.61 of a euro cent at 0.7197 euros and up 0.38 pence at £0.6119 (making one pound worth $1.63438).

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