Govt hikes duty on gold imports to arrest widening trade deficit, falling rupee
- Amid concerns of widening the current account deficit, the rupee fell to its lowest ever level of 78.97 against the US greenback. The rupee has depreciated by more than 5% against the dollar so far this year to hit record low despite frequent interventions by the central bank
NEW DELHI: The Union government on Friday raised effective import duty on gold to 15% from 10.75% to arrest the fall in Indian rupee which hit its lowest level ever against the US dollar amid a sudden sharp rise in imports and widening current account deficit.
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