Japan's share benchmark Nikkei fell to a 3-1/2-year low on Thursday, reversing early gains as panic selling over thecoronaviruspandemic overshadowed a massive shot of stimulus from the world's major central banks.
Oil prices pulled back from a massive early rally Thursday as a plan by theEuropeanCentral Bank to buy huge amounts of bonds failed to calm coronavirus-ravaged markets.
As the Indian rupee tumbled against the US Dollar on Thursday amid foreign fund outflow, the domestic currency crashed below the 75-mark for the first time in history.
The rupee opened at an all time low of 74.95 in the morning, down over 70 paise.
In the next two hours, at the interbank forex market rupee traded in range of 74.80-74.95 against greenback.
However, as the foreign fund sell off picked of at noon, rupee tanked by 83 paise and tanked below the historic 75-mark for first time in history.
"There's no buyers, there's not much liquidity and everyone is just getting out," Chris Weston, head of research at Melbourne brokerage Pepperstone told Reuters.
Stocks, bonds, gold and commodities fell as the world struggles to contain coronavirus and investors andbusinessesscramble for hard cash.
Spot Gold prices fell more than 1% on Thursday in volatile trade, as investors sought to hoard cash in unstable market conditions despite additional measures from the European Central Bank to deal with the economic fallout from the coronavirus outbreak.
The Indian rupee plunged 70 paise to 74.96 against US dollar in early trade on Thursday as investors fretted over the sharp rise in coronavirus cases in the country and its impact on the economy.
The dollar resumed its relentless climb against major currencies on Thursday as wild financialmarketvolatility and worries over tightening liquidity triggered by the coronavirus pandemic sparked an investor flight into cash.
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Interestingly, Sensex was at 24,693.35 points, when Prime Minister Narendra Modi had taken charge of the country.
The dollar surged, bonds plunged andglobalmarketsstruggled to find their footing on Thursday as the European Central Bank's latest promise of stimulus provided only brief solace while the world struggles to contain the coronavirus pandemic.
The Australian dollar was crushed, falling 3.3% to a more than 17-year low, and Asianmarketsgave up initial gains made after the ECB had announced a bond-buying programme.
By midmorning, MSCI's broadest index of Asia-Pacific shares outside Japan had fallen 4% to an almost four-year low. Australia's benchmark erased an early 3% rise to trade 2% in the red.
Indian shares were set to sink in line with othermarketson Thursday, as aglobalselloff triggered by fears over the fallout of the coronavirus pandemic showed little sign of abating.
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