Rupee recovers to 95.52 after India hikes gold, silver tariffs
Business
The Indian rupee made a comeback this morning, rising to 95.52 against the US dollar after hitting a record low yesterday.
The boost came as the government raised import tariffs on gold and silver (from 6% to 15%), hoping to cut down imports and ease pressure on foreign reserves.
Forex traders expect lower dollar demand
forex traders expect less demand for dollars from gold importers now, since India is a huge buyer of gold.
Still, investors are keeping an eye on high crude prices and a strong US dollar abroad.
Stock markets saw modest gains: Sensex edged up by 75 points, Nifty by 17, as everyone watches how these changes play out.