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.
Our economy is the fastest growing in the world but at the same time our currency is in a tailspin, our corporates are going belly up and we are facing an employment crisis.
Meanwhile, the BSE benchmark Sensex crashed 1,030.40 points, or 2.95 per cent, to hit 33,730.49 in opening trade.
However, the rupee erased some gains and finally settled for the day at 74.21 -- up by 18 paise, registering its first rise after sixth straight sessions of losses.
The RBI governor has maintained that depreciation in rupee has been moderate compared to emerging market peers.
The rupee on Wednesday breached the 73-mark against the US dollar for the first time ever on strong demand for the American currency from importers.
