Uncertainty Looms On Stock, Forex Markets
Government security prices fell by 50-60 paise across all maturities immediately after the news of planes crashing on US buildings flashed on television channels. Foreign exchange dealers said here that they expect the rupee to face a few hiccups tomorrow. The equity markets in India too may bear the brunt of the turmoil in the US.
Senior officials of the Bombay Stock Exchange and National Stock Exchange will hold a meeting with the Securities and Exchange Board of India early tomorrow (Wednesday) morning to take the stock of the situation and deliberate on whether to keep the markets open or to close them. A late night meeting between the three remained inconclusive as they decided to watch the situation overnight.
Prices in the local bullion market are also expected to shoot up. The rupee is likely to fall below 47.50 from today