The dollar strengthened after China's central bank eased its domestic policy to support the economy.
The central bank has also waived off the USD 750 million cap that individual state-run refiners had earlier.
Analysts in firms like Nomura and Bank of America Merill Lynch, point out that the 2.5-10 per cent increase in customs duties won’t move the needle by much.
Ever since the rupee fell, the students from Andhra Pradesh are requesting the government to increase the incentive amount under the NTR Videsi Vidya scheme.
The rupee is the worst performing emerging market currency having lost almost 14 per cent since January this year.
Earlier this month, Honda Cars India said it may have to go for yet another price hike due to the falling rupee.
Jaitley said that external factors such as policies adopted by the US, trade war and crude oil prices were impacting economies like India, despite “strong fundamentals”.
Opposition parties put up show of unity, slam Modi government over falling rupee, rising fuel prices
Even as four parties, the SP, BSP and the Left parties, held separate protests, Congress managers claimed there was no rift in the Opposition camp.
Forex dealers said besides strong demand for the American currency, buying by importers, mainly oil refiners in view of surging crude oil prices and capital outflows, weighed on the domestic currency.
The silver lining is the depreciating Indian rupee, as many NRIs are mulling to invest in residential properties.
Congress chief spokesperson Randeep Surjewala said the 'Modinomics' has wreaked havoc on India's economy and left it in dire straits.