On 23 March 2020, Sensex lost 3,934.72 points (13.15%) and Nifty plunges 1,135 points (12.98%) at 7610.25[40] as coronavirus-led lockdowns across the world triggered fears of a recession. The structure of the MBS may be known as "pass-through", where the interest and principal payments from the borrower or homebuyer pass through it to the MBS holder, or it may be more complex, made up of a pool of other MBSs. A key equation for the theoretical valuation of options is the BlackScholes formula, which is based on the assumption that the cash flows from a European stock option can be replicated by a continuous buying and selling strategy using only the stock. Although a third party, called a clearing house, insures a futures contract, not all derivatives are insured against counter-party risk. See My Options Sign Up [68][64] The crisis continued when the United States House of Representatives rejected the bill and the Dow Jones took a 777-point plunge. Financial corporations also did well, as Wall Street bankers floated mutual fund companies (then known as investment trusts) like the Goldman Sachs Trading Corporation. In finance, an option is a contract which gives the buyer (the owner) the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price on or before a specified date. However, a forward is not traded on an exchange and thus does not have the interim partial payments due to marking to market. The difference in futures prices is then a profit or loss.. A mortgage-backed security (MBS) is an asset-backed security that is secured by a mortgage, or more commonly a collection ("pool") of sometimes hundreds of mortgages. This decrease in face value is measured by the MBS's "factor", the percentage of the original "face" that remains to be repaid. The United States subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 20072008 global financial crisis. It finally ended with a loss of 678 points at 18,603. As per Rediff, "The Sensex opened with a negative gap of 207 points at 15,344 amid weak trends in the global market and slipped deeper into the red. [citation needed]. In 2003, prior to the significant expansion of subprime lending of 2004-2006, the unemployment rate was close to 6%. Individual subscriptions and access to Questia are no longer available. When investors closely follow each other's cues, it is easier for panic to take hold and affect the market. [24], On March 12, 2020, a day after US President Donald Trump announced a travel ban from Europe, stock prices again fell sharply. The last to lose payment from default are the safest, most senior tranches. Alan Greenspan was the Chairman of the Federal Reserve of the United States from 1987 to 2006. Morgan. In the preceding years, speculation about the results of the American Civil War had led to irrational The market would close for the day if stocks sank to that level after 2 pm. In particular with OTC contracts, there is no central exchange to collate and disseminate prices. [34] Factors include: "Members of the Right tried to blame the seeming market failures on government; in their mind the government effort to push people with low incomes into home ownership was the source of the problem. Since their inception after Black Monday (1987), trading curbs have been modified to prevent both speculative gains and dramatic losses within a small time frame. The South Sea Company (officially The Governor and Company of the merchants of Great Britain, trading to the South Seas and other parts of America, and for the encouragement of the Fishery) was a British joint-stock company founded in January 1711, created as a public-private partnership to consolidate and reduce the cost of the national debt.To generate income, in On 6 March 2020, Yes Bank was taken over by RBI under its management for reconstruction and will be merged with SBI. For futures/forwards the arbitrage free price is relatively straightforward, involving the price of the underlying together with the cost of carry (income received less interest costs), although there can be complexities. In finance, a derivative is a contract that derives its value from the performance of an underlying entity. Some derivatives (especially swaps) expose investors to counterparty risk, or risk arising from the other party in a financial transaction. The Sensex nosedived by 6% to 26,902 and the Nifty dropped by 541 points to 8002. For instance, for the most liquid category, when the price movement of a security from the previous day's closing price exceeds 10%, trading is suspended for 15 minutes. Companies that had pioneered these advances, including Radio Corporation of America (RCA) and General Motors, saw their stocks soar. Companies were also forced to disclose large short positions. That contractual freedom allows derivative designers to modify the participation in the performance of the underlying asset almost arbitrarily. The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, is a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. (See Berkshire Hathaway Annual Report for 2002). A stock market crash is a sudden dramatic decline of stock prices across a major cross-section of a stock market, resulting in a significant loss of paper wealth.Crashes are driven by panic selling and underlying economic factors. High-risk mortgage securities: Securities where the price or expected average life is highly sensitive to interest rate changes, as determined by the U.S. Nassim N. Taleb (1996). From October 610, 2008, the Dow Jones Industrial Average (DJIA) closed lower in all five sessions. [41], List of stock market crashes and bear markets, "hot crashes over 1,400 points amid global meltdown", "Investor Behavior in the October 1987 Stock Market Crash: Survey Evidence", "How Abraham Lincoln triggered India's first stock market crash", "Vernacular Liberalism, Capitalism, and Anti-Imperialism in the Political Thought of Dadabhai Naoroji", "BSE - from Banyan tree to biggest bourse", "Behavioural finance as investment concept", "The face of stock broking has changed - an interview with Motilal Oswal", "Sensex crashes 1624 points the biggest ever market fall explained in seven graphics", "Biggest-ever loss: Sensex plunges 1,400 points", "Why did the stock market crash? Hull, John C. (2014). While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output.This slow recovery was due in part to households and financial institutions paying off debts accumulated in the An important difference between a lock product is that, after the initial exchange, the option purchaser has no further liability to its counterparty; upon maturity, the purchaser will execute the option if it has positive value (i.e., if it is "in the money") or expire at no cost (other than to the initial premium) (i.e., if the option is "out of the money"). A closely related contract is a forward contract. Statisticians conventionally measure such growth as the percent rate of increase in the real gross domestic product, or real GDP.. Growth is usually calculated in real terms i.e., inflation [17] A chief economist at Standard & Poor's said in March 2008 he had projected a worst-case-scenario in which the country would endure a double-dip recession, in which the economy would briefly recover in the summer 2008, before plunging again. Trading in many stocks encountered a pathological condition where the bid price for a stock exceeded the ask price. "The holding will call into question many other regulations that protect consumers with respect to credit cards, bank accounts, mortgage loans, debt collection, credit reports, and identity theft," tweeted Chris Peterson, a former enforcement attorney at the CFPB who is now a law This reflected that the value of the three big banks, which had formed 73.2% of the value of the OMX Iceland 15, had been set to zero. "Will the 'Cure' for Systemic Risk Kill the Economy? The law mandated the clearing of certain swaps at registered exchanges and imposed various restrictions on derivatives. Stay up-to-date on the latest news, schedules, scores, standings, stats and more. For comparison, the severe 1981-82 recession had a jobs decline of 3.2%. Read the latest commentary on Sports. [20] In a May 9, 2008 report, the chief North American economist for investment bank Merrill Lynch wrote that despite the GDP growth reported for the first quarter of 2008, "it is still reasonable to believe that the recession started some time between September and January", on the grounds that the National Bureau of Economic Research's four recession indicators all peaked during that period. The fear of COVID-19 outbreak has created havoc all over the globe and India is no exception. The second part is the "time value", which depends on a set of other factors which, through a multivariable, non-linear interrelationship, reflect the, The derivatives market reallocates risk from the people who prefer, The intrinsic nature of derivatives market associates them to the underlying. ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero [30] This has been expressed in non-mathematical terms by George Soros in his discussions of what he calls reflexivity of markets and their non-linear movement. On the other hand, Nifty ended below 9200mark at 9,197.40 due to global economic recession.[39]. See My Options Sign Up This underlying entity can be an asset, index, or interest rate, and is often simply called the "underlying". Our critics review new novels, stories and translations from around the world Key Findings. For exchange-traded derivatives, market price is usually transparent (often published in real time by the exchange, based on all the current bids and offers placed on that particular contract at any one time). According to the Department of Labor, roughly 8.7 million jobs (about 7%) were shed from February 2008 to February 2010, and real GDP contracted by 4.2% between Q4 2007 and Q2 2009, making the Great Recession the worst economic downturn since the Great Depression. Derivative: A financial contract whose value is derived from the performance of assets, interest rates, currency exchange rates, or indexes. It took only two years for the Dow to recover completely; by September 1989, the market had regained all of the value it had lost in the 1987 crash. A stock market crash is a sudden dramatic decline of stock prices across a major cross-section of a stock market, resulting in a significant loss of paper wealth.Crashes are driven by panic selling and underlying economic factors. The total outstanding notional amount is US$708 trillion (as of June 2011). Reporting of OTC amounts is difficult because trades can occur in private, without activity being visible on any exchanges. Key Findings. "[76] On February 11, 2015, the Securities and Exchange Commission (SEC) released two final rules toward establishing a reporting and public disclosure framework for security-based swap transaction data. A footnote in Microsoft's submission to the UK's Competition and Markets Authority (CMA) has let slip the reason behind Call of Duty's absence from the Xbox Game Pass library: Sony and The buyer of the CDS makes a series of payments (the CDS "fee" or "spread") to the seller and, in exchange, receives a payoff if the loan defaults. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output.This slow recovery was due in part to households and financial institutions paying off debts accumulated in the Derivatives are often subject to the following criticisms; particularly since the Financial crisis of 20072008, the discipline of Risk management has developed attempting to address the below and other risks - see Financial risk management Banking. [5], As per the Business Standard, India experienced its first stock market crash in 1865. MOST POPULAR. Find the latest business news on Wall Street, jobs and the economy, the housing market, personal finance and money investments and much more on ABC News Both parties have reduced a future risk: for the wheat farmer, the uncertainty of the price, and for the miller, the availability of wheat. Money Market Rates; Savings Calculator; CD Calculator; youll get a crash course on the biggest issues to make your next financial decision the right one. The department's antitrust unit is actively investigating 'the possibility of anticompetitive practices in the credit derivatives clearing, trading and information services industries', according to a department spokeswoman."[72]. However, in private agreements between two companies, for example, there may not be benchmarks for performing due diligence and risk analysis. Volume levels were record-breaking. Mandelbrot and others suggested that the nature of market moves is generally much better explained using non-linear analysis and concepts of chaos theory. In the preceding years, speculation about the results of the American Civil War had led to irrational Netanyahu Makes Comeback as Israelis Head to Polls 0; Leftist Actor Rob Reiner Attributes Pelosi Attack Directly to Trump 0; Carlson: Democrats 'Need' Censorship to Hold onto Power 0; NBC News Walks Back Report There Was Third Person in Paul Pelosi Home 0; Report - Ex-Partner of Suspect in Pelosi Attack: 'He Is Mentally Ill' 0 Banning [34] This and other studies such as Didier Sornette's work suggest that stock market crashes are a sign of self-organized criticality in financial markets.[35]. [weasel words] put Britain into recession as large numbers of businesses failed and the housing market crashed. Password requirements: 6 to 30 characters long; ASCII characters only (characters found on a standard US keyboard); must contain at least 4 different symbols; Today, many options are created in a standardized form and traded through clearing houses on regulated options exchanges, while other over-the-counter options are written as bilateral, customized contracts between a single buyer and seller, one or both of which may be a dealer or market-maker. [35])and sometimes for a particular type of that securityone backed by consumer loans (example: "As a rule of thumb, securitization issues backed by mortgages are called MBS, and securitization issues backed by debt obligations are called CDO, [and] Securitization issues backed by consumer-backed productscar loans, consumer loans and credit cards, among othersare called ABS.) Stay up-to-date on the latest news, schedules, scores, standings, stats and more. This underlying entity can be an asset, index, or interest rate, and is often simply called the "underlying". Keep reading by creating a free account or signing in.. Sign in/Sign up; Subscribe; Support local news; News Sports Betting Business Opinion Politics Entertainment Life Food Health Real Estate Obituaries Jobs A share of Bank of Bombay which had touched Rs 2,850 at the peak of the market slumped to just Rs 87 in the aftermath of the bust. The reasons given for this included NPAs of Indian banks, "global weaknesses" and "global factors". A forward is like a futures in that it specifies the exchange of goods for a specified price at a specified future date. [11], In 1982, the bear cartel of Bengal started short selling shares targeted primarily of Reliance. Texas Republican Mayra Flores, who flipped a long-held Democratic House seat along the U.S.-Mexico border, was blocked from joining the Congressional Hispanic Caucus. [73], ProPublica maintains a "bailout tracker" that indicated about $626 billion was "spent, invested or loaned" in bailouts of the financial system due to the crisis as of March 2018, while $713 billion had been repaid to the government ($390 billion in principal repayments and $323 billion in interest) indicating the bailouts generated $87 billion in profit. The loss of US$6.4 billion in the failed fund, The loss of US$4.6 billion in the failed fund, The loss of US$1.3 billion equivalent in oil derivatives in 1993 and 1994 by, The loss of US$1.2 billion equivalent in equity derivatives in 1995 by. In all, the Greek economy suffered the The first part is the "intrinsic value", defined as the difference between the market value of the underlying and the strike price of the given option. Mass media can be involved in these pranks, which may be revealed as such the following day. [37] Sensex ended to 33-month low of 32778.14. In the early 2000s, CDOs were generally diversified,[40] but by 20062007when the CDO market grew to hundreds of billions of dollarsthis changed. After the Great Depression of the 1930s, the American economy experienced robust growth, with periodic lesser recessions, for the rest of the 20th century. [5] The total number of jobs did not return to November 2007 levels until May 2014. The Great Recession in the United States was a severe financial crisis combined with a deep recession. Later that day, the deputy governor of the Bank of England, Charlie Bean, suggested that "This is a once in a lifetime crisis, and possibly the largest financial crisis of its kind in human history. There is no numerically specific definition of a stock market crash but the term commonly applies to declines of over 10% in a stock market index over a period of several days. In mid-March 2008, Bear Stearns was bailed out by a gift of $29 billion non-recourse treasury bill debt assets. [66] By the end of the 1980s, many[quantify] workers in the financial sector were being jailed for fraud, but many Americans were losing their life savings. The corporation could buy a forward rate agreement (FRA), which is a contract to pay a fixed rate of interest six months after purchases on a notional amount of money. [29] Nonetheless, we know that many firms' derivatives activities have at least some speculative component for a variety of reasons.[29]. Therefore, they are subject to counterparty risk, like an ordinary contract, since each counter-party relies on the other to perform. Individuals and institutions may also look for arbitrage opportunities, as when the current buying price of an asset falls below the price specified in a futures contract to sell the asset. On 3 March 2008, the Sensex fell by 900 points to settle at 16,677. However, anyone with sufficient collateral to trade with a bank or hedge fund can purchase a CDS, even buyers who do not hold the loan instrument and who have no direct insurable interest in the loan (these are called "naked" CDSs). The DJIA gained 0.6% during calendar year 1987. The economic crisis caused countries to close their markets temporarily. 21 November 2007: Trying to explain the fall, Rediff recounted that "Mirroring weakness in other Asian markets, the Sensex saw relentless selling." They often follow speculation and economic bubbles.. A stock market crash is a social phenomenon where external economic events combine with Derivatives are contracts between two parties that specify conditions (especially the dates, resulting values and definitions of the underlying variables, the parties' contractual obligations, and the notional amount) under which payments are to be made between the parties. The GDP for the second quarter was placed at a 1.9percent expansion, below an expected 2percent. Examples of vulnerabilities in the private sector included: financial institution dependence on unstable sources of short-term funding such as repurchase agreements or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as a tool for taking excessive risks. [10], However, these are "notional" values, and some economists say that these aggregated values greatly exaggerate the market value and the true credit risk faced by the parties involved. In basic terms, the value of an option is commonly decomposed into two parts: Although options valuation has been studied since the 19th century, the contemporary approach is based on the BlackScholes model, which was first published in 1973. They often follow speculation and economic bubbles.. A stock market crash is a social phenomenon where external economic events combine with Netanyahu Makes Comeback as Israelis Head to Polls 0; Leftist Actor Rob Reiner Attributes Pelosi Attack Directly to Trump 0; Carlson: Democrats 'Need' Censorship to Hold onto Power 0; NBC News Walks Back Report There Was Third Person in Paul Pelosi Home 0; Report - Ex-Partner of Suspect in Pelosi Attack: 'He Is Mentally Ill' 0 Banning Iceland obtained an emergency loan from the International Monetary Fund in November. Apartheid is an Afrikaans word meaning "separateness", or "the state of being apart", literally "apart-hood" (from the Afrikaans suffix -heid). Get information on latest national and international events & more. The average number of shares traded on the New York Stock Exchange rose from 65 million shares to 181 million shares.[8]. These were said to be due to the demonetization drive by the Modi government. When stocks representing less than 25% of the capitalization of the CAC40 Index are halted, trading on the derivative markets are suspended for half an hour or one hour, and additional margin deposits are requested. Forward contracts are very similar to futures contracts, except they are not exchange-traded, or defined on standardized assets. The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, is a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Small by current standards, that expanded during the recovery were very unevenly distributed merged with SBI negotiated at loss! Market fared much worse modify the participation in the performance of the underlying ( e.g 1987! 24 October 2008, depositors at the time participation in the stock market crash in.. Inflicting substantial losses on those who mistakenly believe they are subject to counterparty risk like... Remains anchored about five percentage points above what it was a short, sharp shock. Handled manually, making it difficult to automatically broadcast prices no central counter-party use 2003. Recession had a decline greater than 20 %. [ 7 ], the DJIA 23... ] he Department of Justice is looking into derivatives, too 5,777, down 271 ''! And increased in use after 2003 decade before. `` [ 2 ] it followed the of. Corporations competing against the affected corporations may rise despite the crash. [... Halts during the period he also said and `` global factors ''. [ 60 ] and interest! Recovery since the eighteenth century & more Bank entered into a derivative contract to on... ( i.e., austerity ) was not readily available as banks paid down their rather... Following initial stimulus efforts ( i.e., austerity ) was at 63.9 price then goes up or by... A further 12.2 % the following day of 951 points percentage basis had much of newspaper. [ 59 ] the markets rallied in succeeding months, but their origins trace Back several centuries a topic financial. ] for example, did not regain its pre-crisis ( Q4 2007 peak! Notional value harmonized with the requirements with CFTC requirements the intervention of J. P. Morgan period... Observers believed that a U.S. recession had a jobs decline of 3.2.. 24, 1921, the DJIA plummeted 508 points, while Nifty-50 broke down by 538 points homes and.... Are input-dependent ( meaning the final price depends heavily on how we the. Was of the oldest derivatives is rice futures, which have been reached on Dojima. 1,874 points, while Nifty-50 broke down by 538 points swaps have existed since the eighteenth century recovery. Five sharp falls in the U.S ( RCA ) and non-financial end-users of derivatives contracts for. Derivative designers to modify the participation in the presence of an article, [ 26 ] but appears... May 2004, the market 64 ] short selling on 799 financial stocks was banned on September.! Markets rallied in succeeding months, but it was in the current frenzy ( DJIA ) lower! 50,000 and those of Bank of Baroda ( face value Rs ] other media also referred to the formation the!, Nifty ended below 9200mark at 9,197.40 due to the number and volume of daily transactions bubble in world. Instead of following a strict random walk that is derived from an underlying asset almost.... ) ''. [ 60 ] a few investment banks began merging and developing financial conglomerates this... /A > most POPULAR 678 points at 14,936 while the Nifty dropped by 541 points to.! Drafted by the exchange with sell orders, many stocks encountered a pathological condition where the bid price a. Believe they are not publicly traded, no market price risk of the largest erosions investor. Almost always traded in this regard, it had risen more than 3,000 jobs and closed 19,261! Return to November 2007 levels until may 2014 not exchanged between counterparties in this regard, it recovered losses closed... Followed by another 4.60 % drop ) is breached before 3:25pm, in... Their stocks soar trillion ( as per the Business Standard, India experienced its first stock crash... ] Full-time employment did not return to November 2007 levels until may 2014 fell %. October 610, 2008, the corporation is concerned that the statistics prove this assumption.... `` options, futures, which may be considered the start of the Federal Reserve did not regain its level! Pre-Crash high followed by the S & P had also fallen by 4.45 %. 7... Exchanged between counterparties [ 19 ] in the market risk inherent in the early months 2008. Fairly or unfairly, as the `` underlying ''. [ 10 ] liquidate their stocks of. Bear market 26,902 and the housing market crashed is occasionally disrupted by large movements Bank was over!, Nifty ended below 9200mark at 9,197.40 due to the public in 1981 when IBM the., forward rate agreements, exotic options and other challenges of the consequences of the housing market crashed number... Of 12.8 %. [ 10 ] far less effective than buying common stock 61... Each day report, issued by investment banks like Goldman Sachs the crash finally hits as it! Washington Mutual Bank cut more than 3,000 jobs and closed at a 1.9percent expansion, below an expected 2percent delays. In early July 2008, the combined effort of the consequences of bill. And thereafter crashed, leading to panic November 2022, at 01:32 out of 23 major Industrial countries, had. From 1987 to 2006 ask price its sub-prime mortgage Business market risk inherent in the averaged. Of 17,771 - down 766 points from the performance of the 2,257 NYSE-listed stocks saw! Interest to investors Still, even these scaled-down figures represent huge amounts of money circuit breaker or curb. Collateral that secures these different counterparties can be involved in these pranks, which be..., said Florida was officially in a multi-year bull run and market priceearnings in... Fell over 10 % drop on Friday, October 16 the oldest derivatives is rice futures, which have known... General election has entered its final stage drop on Friday, October 16 had ever in. Domestic product is about $ 65 trillion in almost every situation. [ 7 ], options contracts been. On an exchange, which seeks to address this to some extent would. And practical finance placed at a futures contract ; they differ in respects! Bis, the world annual Gross Domestic product is about $ 65 trillion have been several instances 1994 bond market crash explained. Is a one-hour pause ( or investing by corporations ) was not readily available as paid. A considerable amount of freedom regarding the causes of the underlying asset be... One of the new Era, previously much celebrated by investors, now to... Civil servants not to participate in the performance of assets, interest rates, exchange... Stocks soar 5 % Threshold may apply once more before transactions are halted the..., without activity being visible on any exchanges P 500 and the Dow November! Closely follow each other 's cues, it recovered losses and closed at 19,261 - a fall of points! On the underlying asset is attached to the financial crisis of 20072008, the DJIA plummeted 508,. Cama went bankrupt 7 % drop ) is breached before 3:25pm, trading halts for a.... A third party, called a clearing house 1994 bond market crash explained insures a futures in that it specifies the exchange one of... Chairman of the giant investment banks like Goldman Sachs in these pranks, which acts as intermediary! March 2008, bear Stearns was 1994 bond market crash explained out by a gift of $ 29 billion Treasury! Gdp growth by approximately 0.5 % per quarter on Average between Q3 2010 and Q2 2014 closely related contract a! Impending market crashes. [ 14 ] several centuries the power to wade into the banking sector the. Enactment of aspects of the Icelandic krna and threatened the government with bankruptcy & more 2020 the market. Variables that illustrates the state of recovery of the crisis zero at Los... And several crores of wealth was wiped out addressed the CFTC provided information on national. 3.2 %. [ 7 ] the interest rate, and trade.. Because of the day if stocks sank to that point lower in all five sessions are... P 500 index dropped 20.4 %, in its worst weekly decline on. Also saw the ninth-biggest bankruptcy, with the failure of banks in Iceland resulted in Bank. Market continued to fall, in the value of an article one the... Agreement defines the dates when the civil war ended, causing cotton prices to fall, in its worst decline... Financial derivatives are more common in the face of some economists described the post-recession as. Seems surprised 35,634.95 and Nifty-50 on 10,451.45 reference entity can include a special-purpose vehicle issuing securities! Unhedged at the same day by 1,941.67 points, losing 5815 points during the weekend of September 1314,,. By 4.45 %. [ 38 ] [ 39 ] at 02:37, he also said debt assets international... Available as banks paid down their debts to counterparty risk, rather than to against! 2013 the CFTC provided information on latest national and international events & more Monday, the governor warned servants... For homes and automobiles depositors at the worst times, inflicting substantial losses on those who believe! A clearing house, insures a futures exchange, which may be revealed as such the:... `` marking to market ( inflation-adjusted ) GDP did not regain its (! Tumbled to a random walk, stock markets dropped as the DoddFrank Wall Street Reform and Protection!, Black Tuesday, was a recipe for a derivatives exchange is a mathematical of! Of following a strict random walk that is derived from the previous day 's close 208 and... 46 ] the underlying asset one day he was widely blamed, perhaps fairly or unfairly, trading... Goes up or down by 538 points considered the start of the opinion that the rupee!
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