IlluMyFi

Rolling coverage of the latest economic and financial news

Boxing Day footfall down on UK high streets despite discounts

More drama in the currency markets!

India’s currency, the rupee, hit an all-time low today before rebounding – sparking speculation that the Indian central bank was selling dollars via state-run banks to curb the weakness.

The Reserve Bank of India “stepped in heavily” near the 85.80 level, which helped the rupee recover, a trader at a foreign bank said.

Dollar demand related to maturing non-deliverable forwards (NDF) and currency futures weighed on the rupee on Friday while panic dollar buying from importers compounded the pressure, traders said.

Sentiment

-0.5

Bearish/Bullish

28.12.24 06:55

by theguardian.com

Beaches, beer and a rare suspended lake … why can’t Nigeria attract more tourist...

Visitor numbers to the African country lag far behind its neighbours due to lack of infrastructure and national planning. Now some are starting to demand changes

At the top of the Ado-Awaye hills lies a lake suspended 433 metres above sea level. Local people say the lake is named Iyake (Yoruba for “crying woman”) after a weeping, barren woman who fell in the water hundreds of years ago, conferring on it powers of fertility.

This belief in the divine is evident in the foothills, where a huge boulder is emblazoned with the words, written in golden letters: “Here we come: African Jerusalem.”

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