Indian Rupee: Import tariffs hike on Gold supports INR – BNY
BNY’s Bob Savage highlights that India has reversed earlier duty cuts by raising import tariffs on Gold and Silver to 15% from May 2026. The move aims to curb bullion imports, narrow the trade deficit and support the Rupee amid external pressures.
The Indian Rupee is likely to strengthen against major currencies due to the increased import tariffs on gold and silver, which may reduce demand for these metals. Consequently, prices for XAUUSD and XAGUSD may experience downward pressure.
BNY’s Bob Savage highlights that India has reversed earlier duty cuts by raising import tariffs on Gold and Silver to 15% from May 2026. The move aims to curb bullion imports, narrow the trade deficit and support the Rupee amid external pressures.
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