Rupee at near three-month high

Tags: News
The rupee is at near three-month high after the government hiked gold import tax. The unit rose to 53.41, a level last seen October 24; currently at 53.435/45 versus Monday's close of 53.765/775.

Gold import-related dollar buying is an important source of dollar demand after oil in currency markets.

Foreign bank dealer says net daily gold related USD demand is around $150-170 million and may reduce if gold prices do not go up.

India has raised the import tax on gold by 2 percentage points to 6 percent to curb purchases and rein-in a ballooning fiscal deficit, but industry officials expect only a moderate drop in demand.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • India would have done well not to supress the 'Bofors interview'

    Bofors is one case that refuses to go away two-and-half decades after it grabbed public attention and became a byword for political corruption, claimi

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Varun Dutt

Biogas Potential in India

Biogas is a form of renewable energy produced from organic ...

Zehra Naqvi

Dignity of labour is dignity of life

M Rafi Khan, a retired police IG, used to ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture