India's USDT Premium Surges to 10% on Exchanges as Supply Tightens

USDT premium on Indian crypto exchanges has climbed to 7-10% as of June 30, with prices reaching INR 102.88 versus the official USD/INR rate of 94.65. The surge follows Enforcement Directorate raids on five Bengaluru firms on June 17 that allegedly facilitated over ₹2,500 crore in unauthorized transfers, disrupting local stablecoin supply. The premium, which typically ranges 3-4%, more than doubled after market makers curtailed overseas purchases. Heightened scrutiny ahead of the July 2 parliamentary finance committee meeting with RBI and ICAI, combined with India's 30% crypto gains tax and 1% TDS, has further strained liquidity while demand for dollar exposure remains strong.