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.

EDITORIAL OF THE DAY

  • Mob rage against the Tanzanian woman betrays racial and gender prejudices

    The mob rage in Bangalore against the Tanzanian woman is a national disgrace from which we can never recover even if we punish the wrong doers.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sachin Shridhar

VIPism is casteism by another name

Much has been written and lamented about the all-pervasive VIP ...

Zehra Naqvi

‘What if the British never came to India?’

Legendary Canadian writer Margaret Atwood proves as elusive to the ...

Bubbles Sabharwal

It's the life in your years that counts

We are all in a sense pilgrim souls enjoying the ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture