Dollar closed at 65.5000 against its opening at 65.7800. Dollar closed down as it opens at six-month high tracking the strengthen in the dollar amid oil importers month-end dollar demand. The dollar surged to one-month high against its major peers as investors turned optimistic regarding US fiscal and monetary policies. The dollar rally was bolstered after the release of a US Republican tax reform plan, which calls for a reduction in the corporate tax rate to 20%. The positive action was seen after Federal Reserve Chairwoman Janet Yellen's hawkish comments.
Local stocks opened flat but traded lower on profit taking as the release of US tax reform plans weighed on investors sentiments amid Futures & Options derivative expiry due today. On the global front Asian shares traded mixed Thursday after US equities advanced and the greenback rose after the unveiling of tax reform plan stateside by the republicans.
On the global front Asian shares traded mixed after US equities advanced and the greenback rose after the unveiling of tax reform plan stateside by the republicans. The framework proposed bringing the corporate tax rate to 20% from 35% and reducing the highest individual income tax rate to 35% from 39.6%. President Donald Trump's plan includes softer tax treatment for American companies to bring back profits they have held abroad, a process known as repatriation that is boosting shares of companies like Apple and Microsoft.
Sensex provisionally ends up 92 points with 15 components in the green,Nifty provisionally ends up 0.23 percent..
INTERNATIONAL
Asian shares were mixed with investors mulling the regional effect of the Trump administration\'s proposed tax plans.
Gold prices fell in Asia as the dollar showed gains, making the commodity priced in greenbacks more expensive for key buyers in countries such as China and India.
Crude oil prices fell in Asia with the markets still supported by supply and demand fundamentals and with the U.S. market eyed for fresh demand cues if the Trump administration manages to pass a massive tax cut.
China will boost imports to make its trade structure more balanced, a spokesman for the Ministry of Commerce said Thursday in Beijing.