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
The U.S. Department of Justice (DoJ) has subpoenaed India's largest drugmaker Sun Pharmaceutical Industries Ltd seeking information about the pricing and marketing of the generic drugs it sells in the United States, the company said on Saturday. Full Article