India, May 15 -- The Indian rupee weakened against the U.S. dollar in the European session on Friday, due to growing worries about India's foreign exchange reserves and the center's intention to raise import duties on gold and silver.
The Indian government declared early on Wednesday that import taxes on gold and silver would increase from 6% to 15%. In order to relieve strain on the country's foreign exchange (FX) reserves, the action was intended to deter the general population from buying precious metals. Indian Prime Minister (PM) Narendra Modi asked people to put off buying non-essential gold for a year this past weekend.
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