India hikes gold, silver duties to protect sliding rupee

India has boosted its import tariffs on gold and silver in an effort to shore up the sagging value of the rupee and bolster foreign currency reserves hit by war in the Middle East. Gold imports are financed through dollars, which means buyers have to spend down foreign reserves or convert rupees to make purchases. Prime Minister Narendra Modi had already appealed days ago to the public to avoid buying gold for a year as the rupee’s year-long slide against the dollar has worsened during the Iran...