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The problem is that India's trade-weighted import duties - the average duty rate per imported product - are among the highest in the world.

Turning to the Australian dollar, which recently fell to an 11-month low against its U.S counterpart, Bullock noted it had been relatively stable in trade-weighted terms for about the past two years.

Since mid-July, the trade-weighted dollar index is up 6.7% but has been nearly steady this month.

The dollar has gained about 1.95% on a trade-weighted basis so far this year.

On the trade-weighted index closely followed by the ECB, the euro fell just 0.9% last quarter and is roughly 2% higher compared to where it ended 2022 .