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India raises import tax on gold to support rupee
By Rajendra Jadhav
Reuters
Friday, July 1, 2022
MUMBAI -- India has raised its basic import duty on gold to 12.5% from 7.5%, the government said today, as the world's second biggest consumer of the precious metal tries to dampen demand and bring down the trade deficit.
Local gold prices jumped to an over-two-month peak of 52,032 rupees per 10 grams today, the highest since April 25.
... Dispatch continues below ...
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India meets most of its gold demand through imports. That has put pressure on the rupee, which hit a record low today. ...
... For the remainder of the report:
https://www.reuters.com/world/india/india-raises-import-tax-gold-125-75-2022-07-01/
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