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The Silicon Review Asia

Nifty and Sensex continues to Plunge, as Rupee Fall shorter against Dollar and Crude Price Increase

Nifty and Sensex continues to Plunge, as Rupee Fall shorter against Dollar and Crude Price Increase

The Indian share market continues to fall because Rupee again fell shorter against USD and the global crude oil prices have increased amid Asian markets downfall.

Due to the worries over trade disputes between China and U.S. the Asian market also struggled to maintain their balance over shares. The dispute can also possibly slow down the Chinese economy and increase the borrowing costs of the U.S.

On Monday, the prices of Brent crude increased by 1.26 percent making it 81.44/ barrel. And, this is the biggest increase in prices since Oct.9.

The Indian Rupee fell shorter as it previously closed at 73.60 and now it is 73.93.

The national stock exchange was down by 0.49 percent at 10,421.45 during the opening session and the Bombay stock exchange was 0.40 percent lower at 34,594.28.

According to a report, there was a slight increase in India’s retail inflation which was shaken by food and fuel prices. But, still, it fell shorter to central bank’s four percent medium-term target.

Companies like Hindustan Unilever Ltd. felt margin dips which ultimately led to depreciation despite posting higher profits in the quarter of September.

Banks like ICICI and Axis bank were among the top drags as financial stocks also pulled the lower index.

“Oil and rupee are driving markets as of now. A weak rupee impacts our fiscal deficit... Inflation and IIP data, both were relatively better,” said Anita Gandhi, whole time director, Arihant Capital Markets.

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