The benchmark BSE Sensex crashed by 1,274.35 points, or 3.66 per cent, to 33,482.81, while Nifty tanked by 390.25 points, or 3.65 per cent, to 10,276.30 in opening trade.
5 Things To Know About Rupee Fall (INR) Vs US Dollar (USD) Today
1) The rupee has been on a weakening streak since the start of this month. The rupee had plunged by 44 paise against the US dollar on Budget day (Thursday), after the government announced a long-term capital gains (LTCG) tax on equities and set a fiscal deficit target at a wider-than-expected 3.3 per cent for FY19.
2) Weak domestic equities also hurt the rupee. Foreign investors sold domestic equities worth Rs 1,263.57 crore on Monday.
4) The latest trigger for the global bloodbath in equities is better-than-expected jobs data in the US, which has raised the possibility of Federal Reserve hiking rates faster than expected.
5) US raising rates faster than expected would be negative for Asia and emerging market assets, says forex advisory firm IFA Global, which expects the rupee to trade in the range of 64.25-64.62 against the dollar on Tuesday.
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