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Rupee gains, stocks cut losses on GAAR changes
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07 May 2012, 03:27 PM IST 
Newly-elected French President Francois Hollande (L) with outgoing Culture Minister Frederic Mitterrand
The rupee strengthened against the dollar, while stocks cut losses after Finance Minister Pranab Mukherjee announced amendments to a series of controversial GAAR provisions on taxation for foreign investors, including deferring any implementation by a year.
The Sensex was down 0.5 per cent, cutting losses of nearly 1 per cent before the announcement.
The rupee was trading at 53.01 to the dollar, strengthening from 53.20 before the announcement.
Copyright @ Thomson Reuters 2012