Markets continue free fall post RBI meet; rupee hits 73.76
The BSE Sensex plunged 792.17 points to end at a near six-month low of 34,376.99, while the broader NSE Nifty dropped 282.80 points to 10,316.45.
MUMBAI: Stock indices Friday slumped for the third session in a row and the rupee fell to record low of 74 per dollar after the Reserve Bank unexpectedly kept the interest rates unchanged in the bi-monthly monetary policy review. The BSE Sensex plunged 792.17 points to end at a near six-month low of 34,376.99, while the broader NSE Nifty dropped 282.80 points to 10,316.45. This was the fifth straight weekly loss for the benchmark indices. The Sensex declined by a massive 1,850 points or 5.10 per cent, and the Nifty lost 614 points or 5.50 per cent, during the week.
The currency opened higher at 73.56 a dollar against its previous record closing low of 73.58. It recovered to a high of 73.42, but failed to sustain the momentum and plunged to 74.23 after the RBI’s policy announcement. It finally closed at 73.76, down by 18 paise or 0.24 per cent, marking its fourth straight session of decline. “Markets were expecting at least 25 bps repo rate hike and measures to stabilize the rupee. But the status quo in the policy has disappointed markets.
Credit: indianexpress.com