Brexit results: UK votes to leave the European Union, rupee plunges

The BBC on Friday, June 24, reported that Britain has decided to leave the European Union, after the voting which was dominated by 52% to 48%.

Nearly all the results have been counted, and there are very less chances of a change in the verdict.

Brexit’s win has now created dramatic happenings at the Global Stock Markets, and this may continue in the coming days as well.

People gathered in The Churchill Tavern, a British themed bar, react as the BBC predicts Britain will leave the European Union, in the Manhattan borough of New York

According to latest updates, the “Leave” votes have already crossed the 16.8 million mark which is considered as the figure to overcome the “Remain” votes.

This milestone decision is putting an end to Britain’s four decades old relationship with the union which was comprised of affection and hate.

The decision is expected to fetch drastic political, social and financial changes in the country for a minimum of ten years from now.

Nigel Farage, the leader of the United Kingdom Independence Party (UKIP), reacts at a Leave.eu party after polling stations closed in the Referendum on the European Union in London

This move from Britain is not only affecting their mother country but all other developing countries in the globe.

Due to these developments, the Indian Rupee has already fallen to Rs. 68.17 to the US Dollar.

Within hours, the depreciation rate is nearly 89 paisa which clearly indicates the vicious nature of this development.

On the other hand, Japan has already started preparations to combat the long-term consequences of this event.

Masatsugu Asakawa, a top currency diplomat of Japan, told that he will soon talk with Finance Minister Taro Aso to decide about the ways in which they should respond to the market trends.

Quitting the EU will make Britain ineligible to access the barrier free single market which is privileged for countries affiliated to the union.

It means that the country should now search for new trade deals with other nations.

David Cameron, the British Prime Minister, has already confirmed that the exit from the union will be irreversible.

The PM has already begun preventive measures to combat any negative impacts which may hit the nation in the upcoming days.

Stay Tuned for more updated news about Brexit and its impacts on the Global Markets.

About the Author

A well versed news editor for over 12 years now, Parasshuram knows everything that is hot in Asia, particularly India. Cricket fan during the week and a movie buff on weekends, Parasshuram is a husband and a father of three. Parasshuram hails from Hubli, India, where The Media Marketing company is incorporated and where he runs our newsroom. On top of being the best Chief Editor in the world (the team says so), Parasshuram also the person in charge with recruiting and training of writers on topics that PanAsiaBiz (PAB) covers for our readers. Mr Shalgar’s articles have been circulated to well over 60+ million visitors. Read all his articles on the site.