Investors reeling from the savage six-month selloff in developing markets fled the rupee once more, leading the government to cut gold imports and oil exports to stem a growing imbalance.
In an attempt to manage a rapidly spreading current, the government hiked import duties on gold while boosting charges on gasoline and diesel exports.

The moves highlight how emerging countries, particularly those with twin current account and fiscal deficits, are increasingly confronting currency challenges as the Federal Reserve’s aggressive rate rises amplify outflows. Despite having the world’s fourth-largest reserve pile, the rupee has recently reached a string of record lows. The Indonesian rupiah, Asia’s other high-yielding currency, plummeted to its lowest level in two years on Friday.