Indian Rupee Climbs Against U.S. Dollar
May 08 2015 - 7:31AM
RTTF2
The Indian rupee drifted higher against the U.S. dollar in
evening deals on Friday, as regional stocks advanced on short
covering by investors.
Sentiment was buoyed after Finance Minister Arun Jaitley
yesterday announced that a high-level panel will be formed to
examine the controversial issue of minimum alternate tax, or MAT,
on foreign institutional investors.
The benchmark BSE Sensex rose 506 points or 1.90 percent at
27,105, while the broader Nifty index ended higher at 8,192, up 134
points or 1.67 percent from its previous close.
The rupee climbed above the key 64.00 area against the
greenback, and has been steady in subsequent deals. This may be
compared to Thursday's closing value of 64.165. The next possible
resistance for the rupee may be found around the 62.00 area.
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