Sensex Biggest Decline in History: Crude & Stock Market Drops, Rupee Crosses 74 against Dollar
Stock markets have been in decline for the past several days due to COVID-19
The rupee fell to 74 against the dollar on March 10, 2020. After, the biggest fall in history in the domestic stock market due to fear of the spread of the coronavirus. A steep drop in crude oil, the rupee fell 27 paise to close at 74.14 against the dollar.
Traders said the rupee diminish against major currencies due to two reasons-
1. A sharp fall in the oil price.
2. The spread of the coronavirus worldwide.
Sensex's biggest decline in history
• On Monday, the impact of Coronavirus, the Yes Bank crisis and the fall in crude oil prices by up to 30 percent, led to the three worst figures in stock market history.
• The Sensex saw the biggest intraday fall of 2,467 points in one day.
• The Sensex fell 1941.67 points to close at 35,634.95 points at the end of trading.
• Sensex dropped to 5.17%.
• The Nifty lost 538 points and closed at 10,451.45 points.
Trade-in rupees - Ranging from 73.85 to 74.17
• On the Interbank Foreign Exchange Market, the rupee opened at 73.99.
• It was in the range of 73.85 upper and lower of 74.17 in intraday trading.
• Today, the rupee closed at 73.97 against the dollar.
Price-wise drop oil prices up to 32%
• The demand for crude oil has tremendously declined due to the spread of Coronavirus infection.
• There was a steep fall in the oil price as Saudi Arabia has also indicated increasing oil production.
• On December 30, Brent crude was trading at around $ 70 a barrel.
• It touched a low of $ 31.02 a barrel in intraday trading on Monday, falling 31.82 percent.