Today,Central Banks around the world worked together to ease the liquidity crunch.
'''The Cash injection package '''to the tune of $ 247 Billion, to calm global financial markets, tells us that we are indeed in desperate times.
Read on below to get an idea of how large that sum of money actually is !!!!
At the current USD/INR exchange rate of approx. 46 ( 1$ = INR 46),
$ 247 Billion works out to
Rs 11, 36,200 Crores.
To put that into perspective for Indian Investors, the current marketcap of the NSE Nifty 50 Index as of yesterday's close is Rs. 24,57,226 Crores ( ie Rs. 245,72,261 Million) .
Meanwhile US Markets rallied sharply towards the end of the trading day as Hank Paulson is now proposing a massive bailout package for the financial sector!!!!!!!!!!!!!! AGAIN!!
Gold fell sharply to $853 after briefly rising over $ 900 earlier in the day.
Dangerous but interesting times!!!