MUMBAI 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)
Trending On Reuters
Indian consumers offer a glimmer of hope for the Indian economy, which grew at a slower-than-expected annual rate of 7 percent in the June quarter. Full Article