Rupee slips on weak stocks; tax measures weigh

Rupee slips on weak stocks; tax measures weigh
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First Published: Fri, Feb 29 2008. 03 38 PM IST
Updated: Fri, Feb 29 2008. 03 38 PM IST
Mumbai: The rupee eased further in midday trade on Friday tracking losses in local equities, which fell after the government announced a capital gains tax increase, dealers said.
At 2:16 pm, the partially convertible rupee was at 39.950/960 per dollar, off an intra-day high of 39.815. It ended at 39.87/88 on Thursday. It hit a five-month low of 40.25 last week.
India’s benchmark share index extended losses to more than 3% on Friday afternoon, after the government proposed to increase the short-term capital gains tax to 15% from 10%.
India on Friday announced its budget for the 2008/09 fiscal year, with inflation management and reviving the flagging farm sector at its forefront, to keep growth on track prior to the 2009 general election.
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First Published: Fri, Feb 29 2008. 03 38 PM IST
More Topics: Markets | India | Rupee | Dollar | Budget |