Indian Rupee ticks up as centre hikes import duty on Gold and Silver to 15%
The post Indian Rupee ticks up as centre hikes import duty on Gold and Silver to 15% appeared on BitcoinEthereumNews.com. The Indian Rupee (INR) exhibits mild strength against the US Dollar (USD) in the opening session on Wednesday. The USD/INR pair trades mildly lower to near 95.60 as the Indian Rupee gains, following the increase in import duty on Gold and Silver to 15% from 6% by the Indian government. New Delhi raises import tariffs on precious metals to 15% India’s Department of Revenue under the Customs Act released a notification overnight that reflected a significant increase in the import tariffs on Gold and Silver to 15%. The notification also showed that Gold and Silver findings – small components such as hooks, clasps, clamps, pins, and screw backs used in jewellery manufacturing will now attract 5% customs duty. Market participants had anticipated that the Indian government could hike import duty on precious metals, in an attempt to curb imports of bullion to ease pressure