New Delhi, May 13 -- The rupee opened marginally higher by 2 paise at 95.61 against the US dollar on Wednesday, 13 May, supported by the government's decision to raise import duties on gold and silver. However, gains are likely to remain capped amid elevated oil prices and rising US inflation.

India has recently raised import tariffs on gold and silver from 6% to 15% to reduce demand and alleviate pressure on the currency, which has been impacted by a rise in crude oil prices due to the conflict with Iran.

The increased tariffs are expected to reduce imports of precious metals, help reduce the trade deficit, and support the rupee, which has depreciated by over 5% since the conflict's onset. India remains the second-largest consumer of g...