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

Related Topics

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Economy

REUTERS SHOWCASE

Pharma Sector

Pharma Sector

In race for bigger margins, drug makers willing to lose the India "advantage".  Full Article 

Jan Dhan Yojna

Jan Dhan Yojna

Modi: Banking for all to end "financial untouchability".  Full Article 

Power Outage

Power Outage

India may face blackouts as coal shortage cuts power output  Full Article 

Moody's on Inflation

Moody's on Inflation

Persistent inflation hurting India's sovereign ratings - Moody's  Full Article 

Tracking Monsoon

Tracking Monsoon

Monsoon forecast to be better for crops next week  Full Article 

Carmichael Project

Carmichael Project

Adani buys Australia coal mine royalty rights from Linc for $145 million  Full Article 

GDP Preview

GDP Preview

Economy likely grew faster in June quarter: Reuters poll.  Full Article 

India-Japan Meet

India-Japan Meet

Modi eyes breakthrough nuclear pact on Japan trip   Full Article 

Rare Earth Output

Rare Earth Output

India to chip in with 5 pct of global rare earth output  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage