India unlikely to ban gold imports or hike gold import duty: Official

NEW DELHI (REUTERS) - India is unlikely to ban gold imports or increase import taxes on the metal further, as that may lead more gold smuggling, a senior finance ministry official said on Thursday.

The official added that the government has limited options to stall a record fall in the rupee.

The rupee has fallen to 59.9350 to the dollar, a day after US Federal Reserve Chairman Ben Bernanke confirmed the Fed would begin winding down its stimulus spending later this year, and data showed China's factory activity weakened to a nine-month low in June.