The euro has fast gained ground against the dollar in international official foreign exchange reserves in recent months, according to official statistics highlighting the nine-year-old currency's growing global importance.

Reflecting its increasing strength on foreign exchange markets, the euro's share of known foreign exchange holdings rose to 26.4 per cent in the third quarter of this year, the International Monetary Fund reported late on Friday. That was up from 25.5 per cent in the previous three months and from 24.4 per cent in the third quarter of 2006.