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E-mail ID will not be published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.

EDITORIAL OF THE DAY

  • Redefining the age of minors from 18 to 16 makes sense

    An issue that’s been simmering since the horrific gangrape of December 2013 is finally being laid to rest.

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

Urs Schoettli

The difficulties with war history

There have been a series of commemorative events lately. Last ...

Anish Chakraborty

Betting big on Pascal’s wager

Blaise Pascal was a 17th century French philosopher mathematician and ...

Bubbles Sabharwal

The five cardinal rules of urban snobs

Believe it or not there is the unspoken-of society of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture