The Indian rupee steadied to around 95.5 per dollar, pausing losses after touching record lows as authorities stepped up efforts to stabilize the economy amid mounting external pressures. India sharply raised import duties on gold and silver, lifting the effective tax rate to about 15% from 6%, in a bid to curb bullion demand, cut imports, and narrow the trade deficit. The move highlights growing concern over pressure on foreign-exchange reserves as higher oil prices increase import costs. Officials are also considering further measures, including limiting non-essential imports and adjusting fuel prices, to reduce risks tied to the Middle East conflict. Despite market volatility, S&P Global Ratings said concerns over foreign capital outflows may be overstated, citing India’s solid investment outlook and enough buffers to manage a wider current-account deficit. Recent data also showed a rebound in foreign direct investment flows, indicating investor confidence remains steady.