Forex

Rupee rallies 66 paise to 70.68 against dollar on FM announcements

PTI Mumbai | Updated on September 20, 2019 Published on September 20, 2019

At the interbank foreign exchange the rupee opened at 71.19.   -  Getty Images/iStockphoto

 The rupee was trading at 70.91 around 11.34 am

The rupee extended the morning gains and rallied 66 paise to 70.68 against the US dollar on Friday after Finance Minister Nirmala Sitharaman announced several measures to promote investment and growth.

 In a major relief to foreign portfolio investors, FM Nirmala Sitharaman said Super-rich tax will not apply on capital gains arising from sale of any security including derivatives in hands of FPIs.

 The government on Friday also slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.

 Following the announcements, the rupee which opened at 71.19 at the interbank foreign exchange, gained ground and touched a high of 70.68, registering a rise of 66 paise over its previous close.

 Rupee had settled at 71.34 against the US dollar on Thursday.

 The rupee however could not hold on to the gains and was trading at 70.91 against the US dollar at 11.34 am.

Published on September 20, 2019
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