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.
Increased selling of the greenback by exporters and banks amid a higher opening in the domestic equity market lifted the domestic currency, dealers said.
The rupee resumed higher at 68.37 from yesterday's closing level of Rs 68.43 at the interbank foreign exchange market here.
The rupee opened lower to 68.69 from Monday's closing level of Rs 68.67 at the interbank foreign exchange market here
The rupee's previous all-time intra-day low was 69.10, touched on June 28.
Traders said dollar's strength against some currencies overseas and fresh demand of the US currency from importers weighed on investor sentiment.
