{"id":125800,"date":"2026-05-13T11:10:48","date_gmt":"2026-05-13T06:10:48","guid":{"rendered":"https:\/\/nationaltimes.pk\/eng\/?p=125800"},"modified":"2026-05-13T11:10:48","modified_gmt":"2026-05-13T06:10:48","slug":"india-hikes-gold-silver-duties-to-protect-sliding-rupee","status":"publish","type":"post","link":"https:\/\/nationaltimes.pk\/eng\/2026\/125800\/","title":{"rendered":"India hikes gold, silver duties to protect sliding rupee"},"content":{"rendered":"\n<p>New Delhi(National Times)-  India has boosted its import tariffs on gold and silver in an effort to shore up the sagging value of the rupee and bolster foreign currency reserves hit by\u00a0<a href=\"https:\/\/www.dawn.com\/live\/iran-israel-war\">war\u00a0<\/a>in the Middle East.<\/p>\n\n\n\n<p>Gold imports are financed through dollars, which means buyers have to spend down foreign reserves or convert rupees to make purchases.<\/p>\n\n\n\n<p>Prime Minister Narendra Modi had already appealed days ago to the public to avoid buying gold for a year as the rupee\u2019s year-long slide against the dollar has worsened during the Iran war.<\/p>\n\n\n\n<p>The government more than doubled import taxes on gold and silver to about 15 per cent from the existing 6pc, according to two official orders issued late Tuesday.<\/p>\n\n\n\n<p>The energy supply&nbsp;<a href=\"https:\/\/www.dawn.com\/news\/1997638\">crisis&nbsp;<\/a>caused by the Mideast war\u2019s closure of the Strait of Hormuz \u2014 through which a fifth of the world\u2019s crude passed \u2014 has hit India hard.<\/p>\n\n\n\n<p>India is the world\u2019s third-largest oil importer and the spiking cost of petroleum has hit its foreign currency reserves.<\/p>\n\n\n\n<p>Elevated crude oil prices have increased India\u2019s import bill, putting additional strain on the country\u2019s balance of payments and foreign exchange reserves.<\/p>\n\n\n\n<p>Modi on Sunday&nbsp;<a href=\"https:\/\/www.dawn.com\/news\/1999209\">urged<\/a>&nbsp;the people of India to cut down on petrol and diesel consumption in response to the supply disruptions due to the Middle East war.<\/p>\n\n\n\n<p>Gold, seen as a symbol of wealth and prosperity and widely used during weddings as well as festivals, ranks second among India\u2019s imports, after crude oil.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Delhi(National Times)- India has boosted its import tariffs on gold and silver in an effort to shore up the sagging value of the rupee and bolster foreign currency reserves hit by\u00a0war\u00a0in the Middle East. Gold imports are financed through dollars, which means buyers have to spend down foreign reserves or convert rupees to make [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":125801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-125800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest_news","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India hikes gold, silver duties to protect sliding rupee - Nation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationaltimes.pk\/eng\/2026\/125800\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India hikes gold, silver duties to protect sliding rupee - Nation\" \/>\n<meta property=\"og:description\" content=\"New Delhi(National Times)- India has boosted its import tariffs on gold and silver in an effort to shore up the sagging value of the rupee and bolster foreign currency reserves hit by\u00a0war\u00a0in the Middle East. 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