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

REUTERS SHOWCASE

Adani Project

Adani Project

Australia approves Adani's $16 bln Carmichael coal project  Full Article 

India-U.S. Talks

India-U.S. Talks

Kerry to woo Modi's India, but quick progress unlikely  Full Article 

Paring Debt

Paring Debt

Jaiprakash to sell hydro plants to Reliance Power  Full Article 

Nifty Falls

Nifty Falls

The broader index hits lowest in nearly a week on profit taking  Full Article 

Mideast Conflict

Mideast Conflict

U.N. Security Council calls for humanitarian ceasefire in Gaza  Full Article 

Market Eye

Market Eye

Foreign investors prefer Indian cyclicals, utilities - Macquarie  Full Article 

Debt Investment

Debt Investment

India's FII debt limit hike credit-positive, says Moody's  Full Article 

Reuters India Mobile

Reuters India Mobile

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