INSUBCONTINENT EXCLUSIVE:
At 1:20 pm, the rupee traded 34 paise - or 0.48 per cent - higher at 70.98 against the US currency.
The rupee gained by as much as 65 paise against the US dollar on Friday, after the government announced its decision to lower the corporate
tax rate on domestic firms and new manufacturers
After starting the session higher at 71.20, the rupee moved to 70.67 against the greenback at the day's highest level
Analysts say that the reduction in corporate tax cut boosted the financial markets
At 1:20 pm, the rupee traded 34 paise - or 0.48 per cent - higher at 70.98 against the US currency
Here are 10 things to know about rupee:."The news of government lowering corporate tax has rejoiced the market and gave rupee
a big boost The move was imperative as we are in a low demand cycle amid global idiosyncrasies," said Rahul Gupta, currency research head,
in India, boost employment and economic activity, leading to more revenue.After the corporate tax rate cut accouncement, the S-P BSE Sensex
index zoomed as much as 2,284.55 points to 38,378.02
positively to FM's announcement, there are concerns over deteriorating fiscal situation", cautioned Rushabh Maru, currency and commodity
tax cuts "will add to the fiscal mess", he added.The dollar index, which gauges the greenback's strength against a basket of six
currencies, meanwhile, fell 0.03 per cent to 98.23.Brent crude futures, the global oil benchmark, rose 0.43 per cent to trade at $64.68 per
according to provisional exchange data.Get Breaking news, live coverage, and Latest News from India and around the world on
TheIndianSubcontinent.com
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.
