Modi's gold import curb call gains urgency as forex, rupee slide 5% amid West Asia war
India's forex reserves fell ~$38B to $690.7B and the rupee weakened 5% to 96/USD as the West Asia conflict escalated. Gold imports hit a record $72.4B in FY26, up 111% from FY21's $34.3B, prompting the government to hike gold import duty from 6% to 15% to ease pressure on the current account.
PM Modi's appeal to curb gold imports gains urgency as forex reserves fell 5% and rupee weakened 5% amid the West Asia war. Gold imports hit a record $72.4B in FY26, prompting an import duty hike from 6% to 15%.