FM of India assures conducive tax policies for corporates

The US Fed chair Janet Yellen has stated that if the US economy carry on to progress then the US rate hike is likely this year.

On the other hand Finance Minister of India Jaitley mentions that the INR should locate its own level and it should be market-determined.

He also made conciliatory statements towards investors by promising to tax corporate profits at competitive rates and saying the government would do all in its power to implement a new national sales tax on time.

Indian rupee added gains against the Greenback as an unpredicted slump in U.S. existing home sales weighed on demand for the greenback and dollar index fell below the 95.0 mark.

USDINR pair is expected to trade with slightly positive today and 63.85 is the resistance for the day. On the flip side, 63.50 is the strong support level.