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The International Monetary Fund is expected to publish data on March 31 on foreign exchange reserves in central banks throughout the world, which may further contribute to rise in the greenback's value against other currencies overseas, Russian newspaper Gazeta.ru has reported with reference to The Wall Street Journal.
Over the past eight months the U.S. currency has been rising in value at its fastest pace in 40 years compared with the currencies of other major world economies, according to the report of U.S. financial and credit institution Citigroup.
From May 2014, the dollar has risen against the euro by 28%.
Investors expect that the report will confirm suspicions that the share of U.S. currency reserves in the world central banks in the fourth quarter of 2014 increased, while the share of the single European currency shrank.
Central banks are the largest players in the foreign exchange market, with assets estimated to have reached more than $12 trillion. The dollar has also been rising partly on expectations that the U.S. Federal Reserve will increase the interest rate in June 2015.
According to Global Analyst at Amherst Pierpont Securities Robert Sinche, the European currency is no longer an attractive alternative to the dollar, and a trend for converting foreign currency reserves from euros to dollars in the world's central banks was already noticeable in the third quarter of 2014.
According to IMF data, the share of global reserves held in euros fell in the third quarter of 2014 to 22.6%, the lowest since 2004. The increase in the share of the dollar as a reserve currency was 1.6%.