Rupee Tumbles As Markets Factor A Brexit; Pound Drops 9%

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Currencies fell across the board as markets factored in a Brexit, after half million leads for Brexit over a Bremain.

Rupee Tumbles As Markets Factor A Brexit; Pound Drops 9%
The rupee opened at 67.91against the US dollar, down 66 paise over Thursday's close. The verdict by the people of Britain was largely unexpected as polls ahead of the vote had showed that Britishers would largely vote to stay "in" the European Union.

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The UK pound was badly battered trading at 1.37 to the US dollar, a drop of 9 per cent. The Japanese Yen gained ground at 100 against the dollar. Gains in the Yen pulled the markets of Nikkei down almost 3 per cent.

The people of Britain yesterday voted in a referendum for Britain to stay or exit the European Union and with half the votes counted it emerged that Britain could be leaving the zone.

This is not good news from financial markets across the globe.

Indian stock markets are also expected to open lower. The SGX Nifty was suggesting cuts of near 2.5 per cent.

Analysts are advising investors to stay away from the market, which could turn immensely volatile ahead of the vote.

Meanwhile, acccording to reports Finance Ministry officials have been asked to curb volatility in the forex markets on acccount of Brexit fears.

Read more about: rupee, dollar
Story first published: Friday, June 24, 2016, 8:46 [IST]
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