Kochi: The rupee depreciated against the dollar in the wake of economic uncertainty following the Russia-Ukraine conflict. The rupee had touched an all-time low of 76.96 against the dollar in yesterday’s trade. Rupee depreciates Rupee Forex dealers said besides the weak opening in the stock market and the influx of foreign investors,
വിപണി Market at an eight-month low
The Indian stock market plunged to an eight-month low after the US and the European Union decided to boycott oil imports from Russia. The Sensex ended 1,491 points (2.74 per cent) lower at 52,843. Similarly, the wide-based National Stock Exchange index Nifty declined by 382.20 points to 15863.15. The Sensex had lost 2,000 points to close at 52,367 during the day’s trade. Concerns over the supply of crude oil and gas, high inflation and faster-than-expected rate hikes by central banks have disappointed investors.
Gold jumped to 40,000
Gold prices rose sharply in the state yesterday. A gram of gold was trading at Rs 4,940 yesterday. The price of a sovereign gold was Rs 39,520. The price of a gram of gold rose by Rs 100 and a sovereign by Rs 800 yesterday. This is the highest price this year.
If the Russia-Ukraine war does not end, the gold sovereign is estimated to cross 40,000.
There will be a huge increase in fuel prices as well. Experts predict that with the price of Brent crude crossing $ 130, it will have a repercussion in India as well. Experts predict that petrol prices in the country will go up by up to Rs 22 as a result.
Cryptocurrencies continued to fall 13 percent on Monday due to inflationary concerns following the Bitcoin-Indo-Ukraine war. Altcoin suffered the biggest loss. Cryptocurrencies also plummeted as hopes of a solution to the Russia-Ukraine conflict were dashed. Bitcoin fell 13 percent and Terra fell more than 10 percent. Solana and Avalanche were down 8% and Cardano, XRP and Ethereum were down 6%.