INSUBCONTINENT EXCLUSIVE:
The local unit had settled at 71.34 against the US dollar on Thursday.
The rupee settled 40 paise
higher against the dollar on Friday
The local currency opened on a strong note at 71.19 and shuttled between a high of 70.68 and a low of 71.19 during the day
The domestic unit finally settled at 70.94
According to analysts, market sentiments was buoyed by the government decision to slash corporate taxes
However, on a weekly basis, the rupee lost 2 paise
On Thursday, the domestic unit had closed at 71.34
"The news of government lowering corporate tax has rejoiced the market, stocks rallied sharply with bank nifty posting its
biggest single day gain in 10 years
This gave rupee a big boost and dollar/rupee spot dropped to 70.67," said Rahul Gupta, Currency Research Head, Emkay Global Financial
economy, including a cut in corporate taxes
Ms Sitharaman said that the effective corporate tax rate will be lowered to 25.2 per cent including all surcharges, and will be applicable
on companies that aren't availing any incentives.The government will bear a massive Rs
1.45 lakh crore per year to support the move, and the new tax structure will take effect from April 1, 2019, Ms Sitharaman added.Analysts
opined that though the markets have reacted positively to the tax cut announcement, there are concerns over deteriorating fiscal situation,
respectively, marking their highest closing levels recorded since July 22 and July 26 respectively
The 50-scrip index soared 677.10 points to touch 11,381.90 at the day's highest level, settling at 10,704.80 - up 569.4 points from the
previous close.The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.15 per cent to
on Thursday, provisional exchange data showed
on TheIndianSubcontinent.com
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