Dubai: Stock markets in the United States, Europe, and Asia have all crashed, but India’s Sensex appears to weather the storm, at least for now. The Sensex lost a little over 1,200 points in the two days after US President Donald Trump issued his tariff rate card, with a 930-point loss on Friday (April 4). The 930 points may appear harsh, but they represent a 1.22% drop, which compares favourably to the 2.75% decrease for the Nikkei, 1.52% for the Hang Seng, and 2.95% for the Singapore index.
When markets start next week, investors will have to consider China’s 34% retaliatory tariffs, which were announced on Friday. According to a researcher, this could mean more pressure on Asian stock markets than India’s.
So, in these two days, India has managed to survive the worst of the global selloff forces, while also seeing the rupee firm up little versus the dollar. (The INR rose to 23.20 to the dirham, or 855.22 to the dollar.) This is even after Trump imposed a 26% import charge on products and services. The fact that pharmaceuticals were exempt from the Trump tariffs contributed significantly to the resiliency of Indian stock markets this week.
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