Rupee fell 23 paise against dollar, lowest level ever; Stock market crashed

Share Market Crash: The decline in the Indian rupee is not stopping. Today in early trade itself, it fell above 86 against the dollar. Rupee has fallen to this level for the first time. Rupee fell by 27 paise in early trade to its all-time low of 86.31 against the US dollar. While the latest job report in the US has made it clear that the Federal Reserve will not cut interest rates much this year. This has strengthened the dollar. Meanwhile, the domestic stock market is also seeing a decline. In early trade, the Sensex fell 800 points while the Nifty went below 23,200 points.

Rupee reached an all-time low today. On Friday it closed at 85.96 and today it reached an all-time low of 86.31. Rupee has fallen to this level for the first time

Rupee reached an all-time low today

There is no good news for the Indian economy, the rupee has weakened a lot against the dollar, now it has reached its lowest level. Rupee has fallen 23 paise to 86.27 against the dollar. On top of this, the stock market has also taken a big dive as soon as it opened, the market has crashed. On one hand, Sensex has fallen by 830 points and Nifty by 247 points.

Amid this decline in market cap of BSE listed companies has fallen by Rs 4.53 lakh crore. Shares of Avenue Supermarts, the company that operates DMart, have fallen by about six percent. The Nifty 50 index of the National Stock Exchange fell 221.45 points or 0.95% to 23,210.05 points.

Why did the rupee fall?

The rupee continued to fall for the second consecutive trading session on Monday. Foreign exchange traders said that the local currency was also under pressure due to record rise in crude oil prices, continued withdrawal of foreign capital and negative trend in domestic stock markets. After initial deals, it reached an all-time low of 86.31 against the dollar, which shows a massive fall of 27 paise against the previous close.

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Summary

Experts are saying that there has been a record jump in crude oil prices, continuous capital outflow is also going on, on top of this, because the stock market is currently witnessing a negative trend, due to these reasons the rupee is continuously weakening against the dollar. Another big thing is that at this time foreign investors are withdrawing money from markets around the world, now because the dollar is getting stronger, investors are investing money in the US market.