INSUBCONTINENT EXCLUSIVE:
The rupee is Asia's worst performing currency this year.India is likely to announce on Thursday curbs on imports of "non-essential" items
to support the rupee, two government sources said, as Prime Minister Narendra Modi's administration scrambles to tackle growing concerns
over the economy.A third government source said India may raise import duties on components used in mobile handsets, most of them imported
from China, as one of the measures
The federal steel ministry has also proposed increasing duties on some steel products.The sources declined to be named ahead of an expected
The Finance Ministry did not immediately respond to an email seeking comment.The rupee is down about 12 percent this year, hitting
successive lows over the past few weeks amid a widening current account deficit and a selloff in emerging markets.Indian financial markets
are closed on Thursday for a public holiday.The rupee is Asia's worst performing currency this year, and a Reuters poll of 10 market
participants showed on Thursday that short bets on the rupee were at a five-year high.In addition to higher import duties, India is
considering asking the central bank to offer dollars directly to oil marketing companies or through a state-run bank to reduce domestic
2018(Except for the headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
