India Curbs Silver Imports to Support Local Rupee
The Indian government has placed silver imports under the restricted category with immediate effect to ease pressure on foreign exchange reserves. This move follows a recent tariff hike to 15% and aims to curb shipments after record spending of 12 billion dollars in the last fiscal year.
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India restricted imports of silver bars and semi-manufactured forms on Saturday to reduce a $12B annual import bill. The move targets categories that accounted for 90% of silver shipments during the last fiscal year. Tighter domestic supply and higher local premiums are expected as the government defends the rupee.
