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 12:40

by theguardian.com

Janet Yellen issues warning to Congress as US nears debt limit

Treasury secretary says ‘extraordinary measures’ needed to avoid default, and urges lawmakers to raise borrowing limit

Janet Yellen, the Treasury secretary, said her agency will need to start taking “extraordinary measures”, or special accounting maneuvers intended to prevent the nation from hitting the debt ceiling, as early as 14 January, in a letter sent to congressional leaders Friday afternoon.

“Treasury expects to hit the statutory debt ceiling between January 14 and January 23,” Yellen wrote in a letter addressed to House and Senate leadership, at which point extraordinary measures would be used to prevent the government from breaching the nation’s debt ceiling – which has been suspended until 1 January.

United States of America