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MARKET EYE-USD/INR at near 3-mth lows; gold import tax hiked
January 22, 2013 / 4:04 AM / in 5 years

MARKET EYE-USD/INR at near 3-mth lows; gold import tax hiked

* USD/INR at near three-month lows after the government
hikes gold import tax. The pair falls to 53.41, a level last
seen Oct. 24; currently at 53.435/45 versus Monday's close of
* Gold import-related dollar buying is an important source of
dollar demand after oil in currency markets.
* Foreign bank dealer says net daily gold related USD demand is
around $150-170 million and may reduce if gold prices do not go
* India has raised the import tax on gold by 2 percentage points
to 6 percent to curb purchases and rein-in a ballooning fiscal
deficit, but industry officials expect only a moderate drop in
* Most Asian currencies including won, ringgit trading lower.
For a snapshot see.


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