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Russians Still Like The Dollar

Russian Finance Minister Alexei Kudrin and President Dmitry Medvedev in London in April. London Summit/flickr hide caption

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London Summit/flickr

The dollar rose more than every other major currency (except the yen) this afternoon, to a three-week high. And who's behind the greenback's rising?

Russia. Earlier today, Russian Finance Minister Alexei Kudrin helped to quell fears about the specter of weakening dollar falling out of favor as the world's main reserve currency, saying that his nation has full confidence in the U.S. dollar.

Earlier this month, Russian President Dmitry Medvedev cast doubt on the greenback's reliability.

Kudrin's comments come at the start of the first BRIC Summit, a meeting of Brazil, China, Russia, and India. Those four nations control 42 percent of global currency reserves.