PM Modi's austerity call triggers market sell-off and rupee slide
after close1 source ↓written by the desknot a recommendation
- to a record
- 82 paise
- against the US
- ₹95.31
- and Nifty dropped
- 1,312.91 points
- and Nifty dropped
- 360.30 points
- from market capitalisation
- ₹6 lakh crore
The rupee fell 82 paise to a record low of ₹95.31 against the US dollar, while the Sensex plummeted 1,312.91 points and Nifty dropped 360.30 points. This decline wiped out over ₹6 lakh crore from market capitalisation, raising concerns about economic stability following PM Modi's austerity appeal to curb spending. 📉
The market's reaction reflects heightened anxiety over balance of payments challenges amidst ongoing geopolitical tensions. Immediate implications suggest continued volatility in currency and equity markets.
Not investment advice. For informational purposes only.