India More Than Doubles Gold, Silver Tariffs to Defend Rupee

India has raised import tariffs on gold and silver in an attempt to defend its currency, a surprise move as the country races to limit the damage from the Middle East war and to shore up foreign-exchange reserves.

The government has more than doubled import taxes on gold and silver to about 15% from 6%, according to two official orders, imposing a 10% basic customs duty alongside a 5% agriculture infrastructure and development levy.