Rupee rises slightly as India hikes precious metals import duty
The Indian rupee saw a small uptick against the US dollar this morning, thanks to the government raising import duties on gold, silver, and other precious metals from 6% to 15%.
This move is meant to slow down gold buying and help keep India's foreign exchange reserves healthy.
It also follows PM Modi's call for people to cut back on gold purchases.
Rupee at 95.61, Asian currencies mixed
At 9:05am the rupee traded at 95.61 to the dollar, just a slight rise from yesterday.
The new duty combines a 10% customs tax with a 5% agriculture cess. Analysts say this could lower demand for dollars among importers and add some stability to the rupee.
Meanwhile, Asian currencies had mixed reactions; some gained while others slipped, showing how global markets are responding differently to these changes.