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No relief for rupee: Currency slips to 96.38 against US dollar amid Middle East tensions

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No relief for rupee: Currency slips to 96.38 against US dollar amid Middle East tensions


Rupee continued its downward journey against the US dollar on Tuesday morning, falling 18 paise to 96.38 in early trade. This comes amid concerns around rising crude oil prices and ongoing Middle East tensions, that dragged down market sentiment.Since the Iran war began in late February, rupee has declined by more than 5%, trimming 2.2% in the recent week. In the previous session on Monday, rupee opened at 96.19 before slipping further to the record low of 96.39 against the US dollar. Last week, the currency had breached the 96-per-dollar mark on Friday before settling at an 95.81. Forex traders said that uncertainty in global markets has persisted due to simmering geopolitical tensions involving the US and Iran. They added that high crude oil prices are putting additional strain on emerging market economies such as India, as elevated import costs increase dollar outflows alongside ongoing foreign portfolio investor-related pressure. “We expect the rupee to trade with a negative bias amid a strong dollar and rising US treasury yields. Ongoing geopolitical tensions and FII outflows may also pressure the rupee. However, any intervention by the RBI and certain restrictions on the import of gold and silver may support the rupee at lower levels. USDINR spot price is expected to trade in a range of 96 to 96.60,” Anuj Choudhary, Research Analyst, Commodities Research, Mirae Asset Sharekhan, said. Exchange data showed that Foreign Institutional Investors remained net buyers for a third consecutive session on Monday, purchasing equities worth Rs 2,813.69 crore.Meanwhile, Dalal Street began the session on a positive note, with benchmark indices gaining 0.3% in early trading. Around 9:55, NSE Nifty50 stood at 23,682.40, up 34.90 points or 0.15%) while BSE Sensex jumped to 75,471.46, adding 156.42 points or 0.21%.



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Audlem Charity Shop boosts takings by moving outdoors

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Audlem Charity Shop boosts takings by moving outdoors



The shop can now make £2,000 in one day after moving to trade outdoors just one day a week.



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Robo-top: The machines that could make your next t-shirt

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Robo-top: The machines that could make your next t-shirt



Most clothes are made in Asia, but new machines could bring some of that work back to the West.



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Fan spending on Harry Styles Wembley gigs set to top £1bn

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Fan spending on Harry Styles Wembley gigs set to top £1bn



Fan spending for Harry Styles’s 12-night run at Wembley Stadium is set to reach £1.1 billion despite ongoing cost-of-living pressures, figures suggest.

Ticket-holders are expected to spend a total of £981 on average attending the Together, Together tour – which is limited to London in the UK – including travelling to the venue, staying overnight, buying merchandise and other costs, according to a survey for Barclays bank.

The figure exceeds the average £848 spent by fans who flocked to Taylor Swift’s Eras Tour, and the average £766 on attending the Oasis Live ’25 shows, although these were both held across four UK locations, leading to lower travel costs.

Styles’ fans anticipate they will spend an average £102 on official tour merchandise, while nine in 10 will participate in a “fan trend” on the day with 63% planning to wear a Harry Styles-themed look.

A fifth (20%) will make sure their outfits are co-ordinated with their friends and 22% hope to create or exchange fan-made items with other fans.

Barclays said the event was set to be a “major cultural moment” as a million ticket-holders travel to London for the 12 dates beginning on June 12.

With just one other European tour location, in Amsterdam, Styles’ Wembley residency will be the most performances by any artist in a single year at the venue, which has a capacity of around 90,000 people for music events.

The survey found those going to the show spent an average of £143.20 on their ticket, with 19% saying this was more than they planned but 66% saying they would have been willing to pay more if needed.

Other expected costs include an average £141.20 on accommodation, £103.10 on transport and £103.10 on food and drinks before the show.

Some 28% of fans say they are planning other activities such as sightseeing and exhibitions while in London.

More than a quarter (27%) of ticket-holders view the concert as a once-in-a-lifetime experience, and 17% said FOMO (fear of missing out) played a part in their purchase.

Almost 74% of those polled said getting tickets to sold-out or in-demand events now felt like a status symbol.

Tom Corbett, managing director of sponsorship and client experience at Barclays, said: “This tour shows just how powerful live entertainment can be, benefiting consumers and businesses alike.

“‘Concert tourism’ is on the rise because of the extent to which people value unique, shared experiences – so much so that they’re willing to invest in them even when cutting back elsewhere, and to travel to see their favourite artists perform.”

Opinium surveyed 2,000 respondents, and an additional 200 ticket-holders, between April 28 and May 1.



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