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Economy | Rupee to rise 10% in a year, says Calyon

Economy | Rupee to rise 10% in a year, says Calyon
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First Published: Sat, Jun 06 2009. 12 14 AM IST
Updated: Sat, Jun 06 2009. 12 14 AM IST
New Delhi: The rupee, which posted its best month on record in May, is set to rally 10% to 43 per dollar by mid-2010 as fund inflows from abroad pick up and lower oil prices improve the nation’s trade balance, said Calyon, the investment banking unit of France’s Credit Agricole SA.
The rupee may outperform many Asian currencies as Prime Minister Manmohan Singh includes some significant pro-market reforms in his second term, helping attract investment, Sebastien Barbe, Calyon’s Hong Kong-based currency strategist, wrote in a research note on Friday.
Bloomberg
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Direct tax collection up 5.8% in April-March
New Delhi: India’s direct tax collection in the first two months of the current fiscal rose only 5.8% year-on-year to Rs24,158 crore from Rs22,840 crore a year ago on higher refunds and a slowdown in the economy.
Corporate tax collection in April-May was Rs8,578 crore, up 5.6%, from Rs8,126 crore in the same period last year, while income-tax collection grew 5.9% year-on-year to Rs15,559 crore.
Within income tax, securities transaction tax collection fell 24.8% to Rs795 crore and fringe benefit tax declined 5.6% to Rs103 crore.
Newswire18
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First Published: Sat, Jun 06 2009. 12 14 AM IST