India hikes duties on oil, gold as rupee plunges

India has tightened exports of oil and imports of gold in an all-out effort to rein in the plunging rupee. The government has raised import taxes on gold from 7.5% to 12.5%, while increasing levies on exports of gasoline and diesel to control a fast-widening trade deficit. The rupee has fallen 6% this year against the US dollar, which has been strengthening from interest rate hikes.

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