Business

Both the stock market and the rupee fell

Mumbai The increase in interest rates by the US central bank has had a major impact on the Indian stock market. On Friday, the last day of the trading week, the stock market fell by one thousand points and in one day nearly five lakh crore rupees of investors were drowned. Similarly, for the second consecutive day, there was a big fall in the Indian currency rupee and for the first time the value of dollar reached above Rs 81. Significantly, due to the increase in interest rates by the US Federal Reserve, such fears were already being expressed.

There was tremendous selling in the Indian stock market on Friday, the last trading day of the week. Due to this, investors lost more than five lakh crore rupees. The 30-share sensitive index of the Bombay Stock Exchange ie BSE closed at 58,098.92 points, down 1,020.80 points, or 1.73 per cent. At one point during the trading, it had fallen to 1,137.77 points and it had also come below the 58 thousand mark.

Similarly, the Nifty of the National Stock Exchange also closed at 17,327.35, down 302.45 points, or 1.72 per cent. Talking about the BSE market capital, investors lost more than five lakh crore rupees during the day. The market capitalization stood at Rs 2,76,64,566.79 crore at the close of business as against Rs 2,81,17,657.57 crore a day earlier.

The rupee crossed the 81 level for the first time against the dollar. During the trading on Friday, the fall was such that the rupee had reached the level of 81.23. However, there was a slight recovery at the end of trading. Despite this, the rupee fell by 19 paise to close at Rs 80.98 per dollar. This is the first time that the Indian currency has closed so low. Meanwhile, according to the latest data of the Reserve Bank, the foreign exchange reserves fell to $ 545.652 billion in the week on September 16. Last week’s reserves stood at $550.871 billion. This is the two-year low of foreign exchange reserves.

Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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