Dollar Share of Reserves Drops as Euro Allocation Hits Record

By Brendan Murray

Sept. 30 (Bloomberg) -- The U.S. dollar’s share of global currency reserves fell in the second quarter to the lowest level since the euro was introduced in 1999, an International Monetary Fund report showed. The dollar’s share dropped to 62.8 percent in the period ended June 30, from 65 percent the prior quarter, the IMF said today. The euro’s share rose to a record 27.5 percent from 25.9 percent. Holdings of British pounds gained to 4.3 percent from 4 percent, and the yen’s share increased to 3.1 percent from 2.9 percent, the IMF said.

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