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 unit traded between 68.31 and 68.43 on sustained selling of the US dollar by banks during morning deals
The Reserve Bank of India (RBI), however, will not be comfortable with the currency touching 70 .
The US dollar was steady against its peers in early Asian trade, having failed to extend overnight gains amid uncertainty over Chinese investments in the US
The rupee firmed up by 19 paise to 67.79 against the dollar today after increased selling of the US currency by exporters and banks.
The rupee plunged by 36 paise to hit a three-week low of 67.98 against the US dollar in early trade today following strong demand for the greenback amid sustained foreign capital outflows.
