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Dollar weakens

Posted on November 24th, 2007 in Holiday

The dollar was weakened against the major currencies yesterday after growth forecasts were published.

Last month’s Federal Open Market Committee (FOMC) meeting minutes revealed predictions of an even slower economy than once thought for 2008.

Despite gaining ground against the yen, the information weighed heavy on the dollar, weakening it versus the major currencies, especially so against the euro.

The European currency was strong at $1.4841 against the dollar yesterday, rising even further at one point to reach its highest level since 1999.

Dollars refused India

Posted on November 24th, 2007 in Holiday

You know when the US dollar is in trouble when India refuses to accept it. Latest to ditch the once mighty dollar is the Taj Mahal, India’s most famous monument.

Indian authorities have calculated they are losing money by allowing foreign tourists to pay using US dollars. So it’s goodbye to the greenback.

A statement by India’s Ministry for Tourism and Culture said the Indian government had decided to act “in view of the international practices on account of falling exchange rates of the US dollar vis-a-vis the rupee and the consequent fall in revenues”.