Indian Stock Market Tips: Rupee in a free fall, hits record low of 70.3/$; indices weak
Catch all live market action here...
The benchmark indices opened lower after rupee fell 43 paise to hit record low of Rs 70.29/$
as concerns about Turkey’s economic woes spreading to other emerging markets such as India persisted.
HowevHowever, the finance minister said on Wednesday that India’s foreign exchange reserves are comfortable by global standards and sufficient to mitigate any undue volatility in the foreign exchange market.
On the global front, Asian shares hit fresh one-year lows in early trading on Thursday, while oil and precious metal prices also tumbled as Turkey’s currency crisis and fears of an economic slowdown in China fanned worries about global growth.
The United States on Wednesday ruled out removing steel tariffs that have contributed to a currency crisis in Turkey. Qatar, on the other hand, pledged $15 billion in investment to Turkey, supporting a rise in the Turkish lira.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 1 per cent, while Japan's Nikkei and the Australian benchmark dropped 1.2 per cent and 0.4 per cent, respectively.
Chinese stocks continued to sag, with the Shanghai Composite Index and Hong Kong's Hang Seng index shedding 1.1 per cent and 0.9 per cent, respectively. Tech shares came under pressure after China’s Tencent Holdings reported its first quarterly profit fall in nearly 13 years on weak gaming revenue.
This week's best Offer in Stock Cash clicks here or see Indian Stock Market Tips, Live Call, our Demo call benefits, services.
0 comments
Note: only a member of this blog may post a comment.