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 rupee logged the third straight session of gain on Monday. In the three trading sessions, the local unit appreciated by 95 paise.
At the interbank foreign exchange market, the domestic currency opened at 74.21 against the American currency and slipped further to close at 74.26, registering a decline of 11 paise over its previous close.
The value of the country's gold reserves increased by $1.008 billion to $37.020 billion.
Currently, the NHAI is implementing about 28,000 km of highways under 'Bharatmala Pariyojna' Phase-1, and the Delhi-Mumbai Expressway is one of the flagship corridors.
Forex traders said the local unit opened weak against the greenback tracking losses in some of the major Asian currencies and gains in the US dollar.
