Rupee gains, stocks cut losses on GAAR changes

MUMBAI Mon May 7, 2012 2:35pm IST

Finance Minister Pranab Mukherjee gestures during a news conference in New Delhi May 27, 2009. REUTERS/B Mathur/Files

Finance Minister Pranab Mukherjee gestures during a news conference in New Delhi May 27, 2009.

Credit: Reuters/B Mathur/Files

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MUMBAI (Reuters) - The rupee strengthened against the dollar, while stocks cut losses after Finance Minister Pranab Mukherjee announced amendments to a series of controversial GAAR provisions on taxation for foreign investors, including deferring any implementation by a year.

The Sensex was down 0.5 percent, cutting losses of nearly 1 percent before the announcement.

The rupee was trading at 53.01 to the dollar, strengthening from 53.20 before the announcement.

(Reporting By Mumbai markets team)

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