Putting paid to hopes of commodity exporting nations that their currencies would figure in the basket that currently make up the valuation of the International Monetary Fund's Special Drawing Rights, the Fund reduced weightage of the dollar and the yen and increased that of the euro based on the currencies' share of global trade.
Other than tinkering around with the valuations it left the composition of the basket unchanged.
The value of the SDR, created by the IMF in 1969, will continue to be derived from a basket of currencies comprised of the dollar, euro, yen and pound, it said.
There was expectation early on this year that the IMF could include the Australian and Canadian dollars in the SDR basket in its latest review. However, the Fund decided to stick to the big four of the dollar, the euro, the yen and the pound.
According to analysts, the IMF's shuffle was in tune with a long-term trend amongst central banks to shed the dollar and graduate towards the euro.
The dollars weightage in the basket was reduced to 41.9 per cent, compared with 44 per cent settled upon after a 2005 review, the fund said in its statement yesterday.
The euro's share was upped to 37.4 per cent, from 34 per cent.