Rupee stays near record low despite gold import duty hike
The Indian rupee hovered near 95.69 per dollar on Wednesday as state-run banks intervened to curb further weakness. While higher tariffs on precious metals provided some support, the currency remains pressured by high oil prices and persistent portfolio outflows.
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India's rupee fell to 95.69 per dollar as portfolio outflows offset a hike in precious metal import duties. The currency hit a record low of 95.7325 in the previous session after rising oil prices pressured emerging market assets. Investors are monitoring the 95.70 resistance level as India attempts to stabilize its foreign exchange reserves through tariff hikes.
