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markets
by leon on January 4, 2008

The US dollar keeps sinking ahead of expectations of more bad economic news expected today and it's going to get worse. "The dollar will remain under pressure. On a 12-month horizon, the markets are looking for a Fed Funds rate at 3 percent, so they have a fairly negative scenario, '' Jan Lambregts, head of Asia research in Hong Kong at Rabobank International told Bloomberg.
How bad is it getting? The New York Times reports that in India, the Ministry of Culture has begun telling tourists visiting the country's popular sites, including the taj mahal, to pay the entrance fees in rupees rather than in dollars. Up until now, the entrance for tourists has been priced in dollars and then converted to rupees but the sliding dollar has made this uneconomical for the Indian Government. And that means American tourists will now have to pay more.
Mind you, a $20 entry fee is unlikely to send them broke. Not the ones who still can afford to travel.
Permalink: No greenbacks at the Taj Mahal
Trackback: http://publish.creative-weblogging.com/publish/mt-tb.pl/109454
Mr Wong
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