UK’s EU referendum effect: Pound collapses, Sensex plunges 900 points, Rupee falls by 89 paise

Friday, June 24th, 2016 | by


With the early Europrean Union referendum results suggesting Britain’s exit, the Indian rupee weakened with Sensex which plunged 900 points during the pre-opening markets on Friday. While the rupee fell by 89 paise against US dollar to 68.17 in early trade Pound fell to a 31-year low as oil markets went into a free fall on Friday.

The Sensex which had closed at 27,000 on Thursday, was trading near 26,000 levels amid a global speculations of EU. The rupee traded at a four-month low, while some analysts expect the rupee to near its record low of 68.85 per dollar today.
US stocks also rallied on Thursday as predictions of Britain voting to remain part of the European Union, was strong.

Japan’s Nikkei stock index also dived more than 8 per cent on Brexit fear. The Japanese yen soared past 100 per US dollar for the first time since November 2013 fearing Britain’s exit from EU. Euro fell below $1.10 for first time since March and the Korean won saw its biggest drop vs dollar since October 2011.

The referendum’s outcome is being watched around the world after the UK Treasury, International Monetary Fund (IMF) warned that a Brexit could damage UK economy risking job and income. It also threatens the global markets. UK Pound was trading down by 6.5 per cent against dollar.

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