Potus i.e. President of the United States Donald Trump’s tariff has bled the stock market in a tremendous manner. The Indian stock market closed down nearly 3 per cent on Monday and investors suffered a loss of Rs 14 lakh crore. At the same time, Potus’s havoc also broke on the rupee in the currency market. On Monday, the rupee was seen collapsing with a decline of 38 percent. Which has seen the biggest decline after 42 days. This is the second consecutive decline in the rupee. This means that the rupee has seen a decline of 52 paise against the dollar. According to experts, there can be further decline in the rupee.
In the month of March, there was a good rise in the rupee. There was an increase of more than 2 rupees in the month of March. Which was the biggest rise in the rupee against the dollar in any one month after 7 years. But in April, there is a decline in the rupee once again. The main reason for this is Trump’s tariff. Let us also tell you how much the rupee has fallen against the dollar and at which level has reached the rupee against the dollar.
Big fall in rupee
The rupee fell 38 paise against the dollar on Monday to close at 85.82 per dollar (temporary) in the Interbank Foreign Currency Exchange Market amidst the increase in tariff war and global eco -nomic resession. This is the biggest decline of one day in five weeks in the rupee. Foreign currency traders said that there was a huge decline in crude oil prices and weak dollars also failed to stop losses in the rupee, as there was a race for withdrawal among investors in the foreign and domestic stock market.
He said that investors tried to avoid risk after the US administration’s widespread counter -duty on many countries and the retaliation on American imports, causing extreme instability in the currency exchange markets globally. On the domestic large economic front, market participants were cautious as the Monetary Policy Committee of the Reserve Bank of India (RBI) started its three-day discussion on major interest rates. The decision of the six-member rate-drain panel will be declared on Wednesday.
How much fell in rupee
According to the currency market data, the rupee opened at 85.79 and continued to rotate between the highest level of 85.57 and the low of 85.90 against the dollar during the day. The rupee closed at 85.82 (temporary) against the dollar at the end of the session, which is a huge fall of 38 paise from the previous closed level. Earlier, the rupee saw such a big decline on February 25, when it fell by 47 paise. On Friday, the rupee fell 14 paise against the US dollar to close at 85.44, while on Thursday, on Thursday, about 60 countries, after the implementation of US counter -duty, it rose by 22 paise.
And how much will fall
Research analyst Anuj Chaudhary of Miraye Asset Sharekhan said that the rupee declined due to risky sentiments in the global market. He said that due to the ongoing uncertainty on weak global markets and business fees, it is expected to trade with a negative attitude of the rupee. Chaudhary said that the pressure of selling by FII can also be overshadowed by the rupee. However, weak crude oil prices can support the rupee at a lower level. The spot price of dollars is expected to be between Rs 85.50 to Rs 86.20.
Dollar index to stock market declines
Meanwhile, the dollar index measuring the dollar’s strength against the world’s six major currencies was trading at 102.56, declining 0.20 percent. Analysts explained the cause of the dollar’s weakening, disappointing services, PMI data and the global fee war on inflation and economic growth due to war. Global oil standard Brent crude futures fell by 3.03 percent to $ 63.59 per barrel.
The BSE Sensex based on 30 shares in the domestic stock market fell 2,226.79 points to 73,137.90 points, while the Nifty fell 742.85 points to close at 22,161.60 points. According to exchange data, foreign institutional investors (FIIs) remained pure selling in the capital market. He sold shares worth Rs 3,483.98 crore on a pure basis on Friday.