There was a time when historical and architectural venues in South Asia worshipped the American dollar. But not anymore.
The Taj Mahal and several other tourist sites in India will not be accepting dollars anymore.
From the International Herald Tribune:
"For years tourists visiting most sites in India were charged either $5, or 250 rupees.
After falling 11 percent in 2007, hitting nine-year lows to hoover around 39 rupees, the dollar is out.
Charging only rupees now seems more practical and will save tourists money because "the dollar was weaker against the rupee," Tourism Minister Ambika Soni told the CNN-IBN news channel."
Bloomberg writes that this is another insult to the once mighty greenback.
The dollar, which has been snubbed by everybody from government officials in Kuwait and South Korea to top-earning Brazilian supermodel Gisele Bundchen, may not recover its luster. Economists say the currency, which has declined in five of the past six years against the euro, is caught in a downdraft as investors pour into Asia, prompting a tectonic shift in economic power from the U.S.
The value of Indian rupees has surged by 13 per cent against the dollar in the past year. Imagine rapper Fifty Cent renaming himself Fifty Paisa. See how most news websites and blogs are covering this story.
Last November, supermodel Giselle Bundchen refused to be paid in dollars anymore. She wanted euros instead. And it isn't just foreign supermodels and tourist attractions denouncing the dollar. In his new video "Blue Magic, "America's very own Jay-Z , shows a briefcase full of 500 euro notes.
Along the same lines, Kiplinger suggests earning more on your savings by investing in foreign currencies.
What do you think? Please post your comments below.
Earlier on SAJAforum:
