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Investors lose Rs 5 lakh cr as Dalal Street bloodbaths
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SME Times News Bureau | 12 May, 2022
Equity investors lost over Rs 5 lakh crore on Thursday as indices took a
deep plunge due to the persisting high inflation in the US, below
expected corporate earnings, amid fears of high inflation in India for
the fourth straight month in April.
Market cap of all
BSE-listed firms fell by Rs 5.25 lakh crore to Rs 241.10 lakh crore
against Rs 246.31 lakh crore in the previous session.
The Indian indices extended their fall for the fifth straight session on Thursday.
Sensex
closed at 52,930, down 1,158 points or 2.1 per cent, whereas Nifty, at
15,808 points, was down 359 points or 2.2 per cent.
Adani Ports was the top loser as the stock price slipped 5.8 per cent to Rs 715.
For fresh cues, investors were awaiting the April consumer price-based (CPI) inflation figure for India.
It was widely expected that the inflation print would above RBI's 6 per cent upper band for the fourth straight month.
The
Indian rupee dived to a fresh record low of 77.63 mark, wherein a slew
of factors has conspired to push the domestic currency on a downwards
trajectory.
"Elevated crude prices, global uncertainty amid the
war in Ukraine, mounting inflation, and prospects of an aggressive
monetary tightening path by the US Fed have been the major headwinds for
the domestic currency," said Sugandha Sachdeva, Vice President -
Commodity and Currency Research, Religare Broking.
Additionally,
relentless foreign fund outflows from the equities and the greenback
climbing to a two-decade high have also been the key catalysts behind
the recent slump in the rupee-dollar exchange rate, added Sachdeva.
"Risk
sentiments have soured as the market participants are fretting that an
accelerated pace of rate hikes would derail global economic growth."
However,
likely RBI intervention to stem the fall in the rupee led the domestic
currency to erase some of the losses. Considering the backdrop, Sachdeva
foresees the Indian rupee to trade in a range of 76.80-78.50 in the
near-to-medium term.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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