Rupee depreciation hits gold market in Gujarat
June 28, 2012
Surat, June 28 (ANI): The significant depreciation of the rupee as against the dollar hit the gold market in Surat city of Gujarat, as the price of the yellow metal rose by leaps and bounds. Jewellers believed that the market situation was not too favourable at present, as customers were not willing to spend big bucks. The fall in the rupee, which hit a record low last week, has sent Indian gold prices soaring despite the weak global trend, thereby limiting imports. The Indian government doubled import duty on gold to 4 percent in March in a bid to curb its bloated current account deficit.
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