Pressure on the Indian rupee |
Pent up demand for US dollars by the jewellery sector in India and a weak Chinese yuan are expected to exert pressure on the Indian rupee. Pent up dollar demand by jewellers to The increased demand for US dollars by the jewellers in the country is attributed to the country-wide protest by the trade for quite some time. And, the jewellers are protesting against excise duty imposed on gold and diamond jewellery in the Union budget 2016. The jewelry trade has got support from the Chief Minister of Delhi Arvind Kejriwal. Significantly, Kejriwas has urged the chief ministers of all states to oppose the central government`s proposal to levy excise duty on non-silver jewellery.
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