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.
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Forex News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.