Plunging rupee prompts India to raise taxes on goods worth Rs 860 billion

Import duty raised on 19 items from jet fuel to jewellery

India raised customs duties on products ranging from aviation fuel to footwear as it seeks to narrow the current-account deficit and support the rupee.

The taxes on 19 items, imports of which were valued at Rs 860 billion ($12 billion) in the financial year ended March, will be effective Thursday, the finance ministry said in a statement Wednesday.

A current-account deficit at a five-year high is a key vulnerability for the economy and one of the reasons why the rupee has been the worst-hit in Asia amid an emerging-market rout this year. The move follows similar steps taken by Indonesia