In late afternoon deals on Friday, the Indian rupee strengthened against the U.S. dollar amid a rally in regional stocks.
Indian market was up after the new draft guidelines on the general anti-avoidance rules (GAAR) announced late night yesterday suggested that the tax evasion rules would not apply retrospectively and will be triggered only above a certain income threshold.
Optimism resurfaced after European leaders agreed to a series of long-debated measures, including a plan to devote EUR120 billion for "immediate growth measures" and easing repayment rules for emergency loans to Spanish banks to help stimulate growth in the bloc's weakest economies.
The rupee spiked up to a 9-day high of 55.9055 per dollar with 55.5 seen as the next upside target level. The greenback-rupee pair ended Thursday's deals at 56.8075.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.