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

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

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.

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.

How #Brexit happened: our @WSJ GIF of voting results. pic.twitter.com/XPfIjpd27P

— Henry Williams (@digitalhen) June 24, 2016

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.

Impact of early results on #Brexit polls: British Pound plunges to 31-year low by 9% against US dollar; Asian markets treading in red

— Doordarshan News (@DDNewsLive) June 24, 2016

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.