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.
The Indian rupee on Friday closed at 71.85, recovering 34 paise from its previous close of 72.19 per greenback.
The rupee Wednesday rebounded from the historic low of 72.91 to end higher by 51 paise at 72.18 against the dollar after the finance ministry assured of steps to avert its fall to "unreasonable levels".
The rupee has gone down by more than 13 per cent against the dollar so far this year making it the worst performing Asian currency during the period.
The key Indian equity indices closed in the green on Friday supported by healthy buying activity in the auto stocks and a recovery in the rupee from its from its previous close.
The Indian rupee reversed all the gains made earlier in the day to close at an all-time low of 71.21…
