India Raises Gold and Silver Import Tariffs as Rupee Pressure Persists
India, the world's second-largest gold market, has raised import tariffs on gold and silver to curb bullion purchases and defend the rupee as the currency weakens amid fallout from the Middle East war. Any immediate benefit was limited, with the rupee treading water as outflows blunted relief from the gold import duty hike.
The measure escalates Prime Minister Narendra Modi's recent foreign-exchange conservation push after he urged Indians to avoid buying gold for at least a year and to cut fuel use, work from home and reduce imports as surging energy prices strain reserves. Economists say India's foreign-exchange reserves remain strong enough to defend the currency against the Iran-war-driven oil shock.
From the sources (25 posts)
@reutersModi urges India to conserve fuel as global price surges
@disclosetvNEW - India's PM Modi calls for citizens and businesses to conserve fuel, carpool, use electric cars and adopt the Covid-19 strategy of working from home, "in the interest of the country."
@clashreportIndia's Modi: Friends, we have to reduce the use of petrol and diesel. In cities where there is metro, we should decide that we will use only the metro. At the most, I will travel by metro. If it is necessary to travel by car, then try t
@businessIndian Prime Minister Narendra Modi appealed to citizens to cut fuel use and avoid unnecessary travel as rising oil prices from the Iran war threaten to widen the nation’s import bill and strain foreign-exchange reserves.
@reutersModi urges limits on fuel use, travel and imports to save forex
@jackprandelli🇮🇳 India's Prime Minister just asked 1.4 billion people to use less fuel, travel less, buy less gold, and eat less cooking oil. Modi's full list of asks, announced today: -Work from home and use online meetings to reduce fuel consumption
@businessModi has called on Indians to avoid buying gold for at least a year to preserve foreign-exchange reserves, a surprising appeal in a country where the metal plays a vital role in savings, weddings and religious festivals
@cnbcModi says Iran war poses severe risks to India, urges cuts in fuel use and gold purchases
@theinsiderpaperNEW: India's PM Modi has called on Indians to avoid buying gold for at least a year to preserve foreign-exchange reserves, a surprising appeal in a country where the metal plays a vital role in savings, weddings and religious festivals - Bl
@ftModi calls on Indians to tighten their belts amid Gulf crisis
@bbcworldModi urges Indians to WFH and limit foreign travel as Iran war continues
@reutersRBI steps in to support rupee as U.S.-Iran deadlock, Modi remarks spook traders
@osint613PM Modi asked Indians to avoid buying gold for at least a year to preserve foreign-exchange reserves. - Bloomberg
@businessIndian jewelry stocks dropped after Prime Minister Narendra Modi called on citizens to avoid buying gold for at least a year, a surprising appeal in a country where the metal plays a vital role in savings, weddings and religious festivals.
@wsjPrime Minister Modi asked citizens to avoid buying gold jewelry for functions, coming as the country’s appetite for the precious metal continues to drive foreign-currency spending.
@ajenewsUPDATE: India’s Modi calls to avoid buying gold, cut fuel consumption 🔴 LIVE updates:
@ajenglishIndia’s PM has urged people not to buy gold for a year, reduce fuel consumption and conserve foreign exchange as the Iran war drags on. 🔴 LIVE updates:
@reutersIndian Prime Minister Narendra Modi called on citizens to use less fuel, work from home and reduce imports, as surging global energy prices strained the country's foreign currency reserves.
@businessIndian Prime Minister Narendra Modi has appealed to citizens to conserve fuel and avoid unnecessary travel due to rising oil prices from the Iran war. Bloomberg's Ruchi Bhatia reports
@reutersIndian Prime Minister Narendra Modi called on citizens to use less fuel, work from home and reduce imports, as surging global energy prices strain the country's foreign currency reserves
@ajenewsIndia’s Prime Minister Narandra Modi is urging people to re-adopt the same measures used during COVID-19. He is calling for a reduction in the use of petrol and diesel as fallout from the US-Israeli war on Iran drives steep price increases
@businessIndia has raised import tariffs on gold and silver in an attempt to curb bullion purchases and defend its currency, as it grapples with the fallout from the Middle East war.
@businessIndia raises import tariffs on gold and silver in an attempt to curb bullion purchases and defend its currency, as it grapples with the fallout from the Middle East war. 📷️: Dhiraj Singh/Bloomberg
@cnbcIndia hikes bullion import duties as the world's second-largest gold market faces a declining rupee
@businessIndia’s foreign-exchange reserves remain strong enough to defend its currency against the Iran-war driven oil shock, economists say