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On early Thursday, Reuters relied on the Indian government sources to convey plans of cutting import taxes on vegetable oils such as palm oil, soy oil. It’s worth noting that India is the world’s biggest vegetable oil importer.

“A proposal to lower the import duty on edible oils is under review,” said an anonymous government official per Reuters. The diplomat added, “The government will make a final decision to cut the taxes sometime this month.”

The move is a reaction to the recent push on the government to ease economic hardships for the citizens amid skyrocketing oil prices during the coronavirus (COVID-19) resurgence.

The news could also be read in conjunction with the recently easing covid data from India to trace the USD/INR pullback from an intraday high near 73.20. As per the latest update from Reuters, “India reports 134,154 daily rise in coronavirus infections, taking total to 28.44 million.” Additionally, the covid-led death toll jumped by 2,887 to 337,389.

Read:    USD/INR Price News: Indian rupee sellers aim for 73.25-30 key hurdle