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Thread: Markets waited with bated breath for the Brexit storm to pass

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    Markets waited with bated breath for the Brexit storm to pass

    Early on Monday, RBI Governor Raghuram Rajan shocked markets with news of his early resignation while Brexit polls kept the remain camp ahead of the leave voters. Nifty opened 60 points gap down and bounced back almost immediately to close at 8253. The Pound Sterling traded with confidence even as Britain mourned the death of Joe Cox.Markets opened flat on Tuesday morning before slipping into a narrow range of 40 points while traders across the globe remained confident about Britain retaining its EU membership.It was status quo on Wednesday while Britain buttoned up for the polls on the following day. Markets waited with bated breath for the Brexit storm to pass.The Pound lead the attack from the front even as the currency traded at 1.4816 early on Thursday. The benchmark Nifty opened at 8206 on Thursday before making a high of 8307, the Index later closed at 8287. Global markets would face the wrath of a surprise bear attack on Friday with polls hinting at Brexit reality.The Nifty opened 167 points gap down at 8125 before slipping to levels of 7927, the index staged a valiant show by pulling off a recovery of 160 points. The Nifty closed the week at 8087 keeping the bulls and the bears on shaky grounds even as traders debated on the aftermath of Britainís exit from the Eurozone.

    This week will be remembered in the history for BREXIT and the biggest single day fall in the value of the British Pound. The pound fell by 1800 ticks from 1.50 to 1.32. The global currencies were all affected. The rub off effect also had on our currency which touched the high of 68.26 for some sanity returned to close at 68.00. Uncertain environment in the next few weeks will support the rupee at lower levels and further depreciation of rupee to 70 should not be ruled out. The bank of England is expected to cut interest rates in a very aggressive manner which could put further pressure on the GBP.

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