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Rupee's 4% fall since April has hit Indian palm oil imports hard: Industry

India raised import taxes on crude and refined palm oil in March to the highest level in over a decade to support local farmers

Emily Chow | Reuters  |  KUALA LUMPUR 

India's edible oil imports for the year to October 2018 may be nearly flat on 2017 as a weaker rupee adds to the impact of a tax hike on the country's most imported edible oil, a Mumbai-based trade body said, revising down earlier forecasts. Refiners are still able to import soft oils such as soyoil and sunflower oil at a profit, but imports of palm, which attracts the country's biggest import duty, have been hard hit, said B.V. Mehta, executive director of the Solvent Extractors' Association (SEA). "Traders are facing great difficulties and the pipelines are ...

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First Published: Wed, May 16 2018. 14:53 IST