The rupee opened lower by 13 paise at 66.80/$ against US Dollar on Tuesday as against the previous close of 66.67/$.
The Indian rupee opened lower by 13 paise at 66.80/$ against US Dollar on Tuesday as against the previous close of 66.67/$. Indian rupee exhibited weakness, as US dollar persisted with the strength against the major currencies. There has been strong rebound in US dollar particularly against Japanese Yen. Euro has also retreated from the recent highs. Resilience in US dollar was at lower levels wasquite expected, given the divergent monetary policy between US and other developed economies (EU & Japan).
Meanwhile, Indian rupee can weaken further in the short run, deriving cues from concerns emanating from revision in the bilateral tax treaty between India and Mauritius. In this respect, India will levy capital gains tax on investments sourced from Mauritius beginning from April 1, 2017. The tax will be imposed at half of the domestic rate until March 31, 2019.
On Tuesday, the Indian currency ended lower by 9 paise at 66.67/$. The local unit had hit a high of 66.99 and a low of 67.05. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.72 and for Euro stood at 75.95. The RBI’s reference rate for the Yen stood at 61.35; reference rate for the Great Britain Pound (GBP) stood at 96.1069.
Meanwhile, Indian rupee can weaken further in the short run, deriving cues from concerns emanating from revision in the bilateral tax treaty between India and Mauritius. In this respect, India will levy capital gains tax on investments sourced from Mauritius beginning from April 1, 2017. The tax will be imposed at half of the domestic rate until March 31, 2019.
On Tuesday, the Indian currency ended lower by 9 paise at 66.67/$. The local unit had hit a high of 66.99 and a low of 67.05. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.72 and for Euro stood at 75.95. The RBI’s reference rate for the Yen stood at 61.35; reference rate for the Great Britain Pound (GBP) stood at 96.1069.
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