India hikes gold, silver duties to protect sliding rupee - World

India has increased import tariffs on gold and silver to about 15 percent, aiming to bolster its sagging rupee and replenish depleted foreign currency reserves. This move comes amid a worsening rupee slide against the dollar due to the ongoing war in the Middle East, which has disrupted oil supplies and driven up crude oil prices. Prime Minister Narendra Modi previously urged citizens to avoid gold purchases to alleviate pressure on the country's balance of payments.