Rupee hits new low as foreign funds pull out
The rupee hit a new low of 51.94 in intra-day trade against the US dollar, mainly owing to a growing risk aversion by foreign funds and rising dollar demand from importers, but recovered to close at 51.46, 30 paise lower than Friday’s close.
Dow drops below 7,000 for first time since 1997
Investors' despair about financial companies and the recession has brought the Dow Jones industrial average to another unwanted milestone: its first drop below 7,000 in more than 11 years. The market's slide Monday, which took the Dow down 300 points, was nowhere near the largest it has seen since last fall, but the tumble below 7,000 was nonetheless painful.
Deteriorating economy cuts off oil market rally
Oil prices plummeted more than 10 percent Monday with little to suggest energy demand will recover in the deteriorating global economy.
Benchmark crude for April delivery fell $4.61 to settle at $40.15 a barrel on the New York Mercantile Exchange. In London, the price for Brent crude fell nearly 9 percent, or $4.14, to settle at $42.21 on the ICE Futures exchange.
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