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Rupee gains, stocks cut losses on GAAR changes

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Kolkata:

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 per cent, cutting losses of nearly 1 per cent before the announcement.

 

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

 

Copyright @ Thomson Reuters 2012

Story first published on: May 07, 2012 14:38 (IST)

Tags: GAAR

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