Higher gold taxes could backfire again
When governments want consumers to buy less of something, they usually reach for taxes.
When governments want consumers to buy less of something, they usually reach for taxes.
For decades, India has treated the rupee less as an economic instrument and more as a symbol of national prestige.
According to the forex experts, high crude oil prices, and a stronger US dollar have created a volatile situation of the domestic currency amid the ongoing geopolitical tensions.
Dalal Street slipped into sharp losses as geopolitical tensions escalated, pushing oil prices higher and triggering fears around inflation, currency pressure and India’s rising import burden.
At close, the Sensex was down 533.50 points or 0.63% at 84,679.86, and the Nifty was down 167.20 points or 0.64% at 25,860.10.
On Wednesday, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 961.26 crore.
The benchmark index touched a high of 35,545.85 and a low of 35,324.37 while the NSE's Nifty was trading 44.05 points higher at 10,660.75.
The market breadth was positive with 1,171 advances and 1,138 declines even though the equity indices traded with a negative bias.
The domestic currency was at 72.97 to a US dollar, from its Monday's close of 73.12.
In addition, the domestic currency traded lower by 59 paise at 73.03 to a US dollar, from its Friday close of 72.44.
