Rupee Hits Record Low Against Dollar, Stock Market Plummets; Key Stocks Take a Major Hit

New Delhi (The Uttam Hindu): The Indian stock market crashed as soon as it opened on Monday. Real estate, financial services and consumer durable stocks fell sharply. The rupee also reached its lowest level in history. Today, the Indian stock market fell sharply. The reason for this was the employment data in America. It showed a lot of strength after which the hopes of the Federal Reserve cutting interest rates soon were dashed. Due to this, the Indian stock market also saw a big decline. At the same time, the rupee also reached a new all-time low level against the dollar.

Rupee reaches lowest level against dollar, huge fall in stock market too; these stocks scattered : BSE Sensex and NSE Nifty fell around 1 per cent in early trade. Asian Paints, Zomato, Mahindra & Mahindra, HDFC Bank, Bajaj Finance, Asian Paints, Kotak Mahindra Bank and Tata Steel were the major losers from the 30-share blue-chip pack.

On the domestic stock market as of around 11 am the 30-share BSE Sensex was trading 276.02 points or 0.36 per cent lower at 77,097.59, while the Nifty was down 102.65 points or 0.44 per cent at 23,328.85. Global oil benchmark Brent crude futures rose 1.44 per cent to USD 80.91 per barrel in trade. Foreign institutional investors (FIIs) sold Rs 2,254.68 crore on a net basis in the capital market on Friday, according to exchange data.

At the same time, the Indian rupee weakened by 5 paise to a record low of 86.20 against the US dollar in early trade. Foreign exchange traders say that the record rise in crude oil prices continuous outflow of foreign capital and negative trend in domestic equity markets also kept pressure on the Indian currency. On Friday, the rupee closed 18 paise lower at 86.04 against the US dollar.