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.
Analysts pointed out that caution ahead of key macro-economic data, coupled with a rise in demand for US dollars also dragged the rupee lower.
Key Indian equity indices closed in the negative territory on Wednesday as the rupee slumped to an all-time low, while weak global cues further subdued the sentiments, analysts said.
A higher opening in the equity market also supported the rupee's recovery
At the end of the intra-bank trade session on Tuesday, the Indian rupee strengthened by four paise at 69.90 against the dollar
Rupee recovered and ended at 69.90 against the dollar, hours after it crossed the 70-per-dollar mark and touched a new all-time low of 70.08 per dollar
