The Indian rupee weakened against the U.S. dollar in the European session on Friday, due to growing worries about India's foreign exchange reserves and the center's intention to raise import duties on gold and silver.
The Indian government declared early on Wednesday that import taxes on gold and silver would increase from 6% to 15%. In order to relieve strain on the country's foreign exchange (FX) reserves, the action was intended to deter the general population from buying precious metals. Indian Prime Minister (PM) Narendra Modi asked people to put off buying non-essential gold for a year this past weekend.
For comments and feedback contact: editorial@rttnews.com
Forex News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.