September 20, 2018 / 12:00 PM / in 2 months

India sets dollar exchange rate at 73.65 rupees for import tax calculation

A cashier checks Indian rupee notes inside a room at a fuel station in Ahmedabad, India, September 20, 2018. REUTERS/Amit Dave

NEW DELHI (Reuters) - India has set the dollar exchange rate at 73.65 rupees for import tax calculations effective Sept. 21, compared with 72.55 rupees a fortnight ago, according to a finance ministry statement on Thursday.

The rupee, Asia’s worst performing currency this year after depreciating around 12 percent, closed at 72.39 on Wednesday. It hit a record low of 72.99 on Tuesday.

Markets were closed on Thursday.

For calculation of taxes on exports, the Central Board of Indirect Taxes and Customs will use an exchange rate at 71.95 rupees, compared with 70.85 rupees notified earlier.

The revised exchange rates will stay in place “until further notice”, a finance ministry official said.

Reporting by Manoj Kumar; Editing by Krishna N. Das

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