Rupee up sharply on gold duty hike

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Rupee up sharply on gold duty hike
The partially convertible India rupee appreciated against dollar after government hiked gold import tax.

The Indian rupee opened at 53.61 per dollar versus 53.77 on Monday. At 11.10 am IST the rupee was seen trading at Rs 53.53, up 24 paise.

Strong opening and positive trend seen in Indian domestic equities boosted rupee sentiment.

Government has decided to increase the import duty on gold and platinum from 4% to 6% with immediate effect on the hope that, consequently, there will be a moderation in the quantity of gold that is imported into the country.

The hike in gold import duty boosted the rupee value as it plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

Read more about: currency, dollar
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