Rupee Gains 38 Paise to Close at 85.03 Against U.S. Dollar on Strong Inflows, Equity Surge
The rupee gained 38 paise to close at 85.03 against the U.S. dollar on Monday, supported by strong foreign inflows, easing oil prices, and a rally in domestic equities. Forex reserves surged by USD 8.31 billion, while the Sensex and Nifty posted over 1% gains. Analysts remain optimistic but caution against potential geopolitical risks.
Apple Assembles $22B Worth of iPhones in India, Expands Premium Production and Cuts China Dependence
Apple has assembled a record $22 billion worth of iPhones in India over the past year, marking a major shift in its global supply chain strategy. With production up nearly 60%, India now contributes around 20% of global iPhone output. Backed by the Indian government's PLI scheme and growing local supplier participation, Apple is also expanding into premium model assembly, including the iPhone 16 Pro. This strategic shift comes amid U.S.-China trade tensions, positioning India as a key hub for Apple’s future manufacturing and exports.
SBI Updates ATM Transaction Rules: What It Means for You
State Bank of India (SBI) has revised its ATM transaction rules, effective February 1, standardising free transaction limits and simplifying fees for savings account holders. All customers will now get 5 free transactions at SBI ATMs and 10 at other bank ATMs, regardless of location or balance. Post-limit charges apply, with a further increase coming from May 1. The move aims to promote digital banking and streamline customer experience.
India, US Engaged in ‘Active and Intense’ Trade Talks, Says Jaishankar
India and the United States are engaged in "active and intense" negotiations for a bilateral trade agreement (BTA), according to External Affairs Minister S. Jaishankar. Speaking at an event hosted by the Asia Society, Jaishankar highlighted the strong potential for a trade deal, with the Trump administration showing increased openness to cooperation in key areas like defense, energy, and technology. He acknowledged challenges in balancing tariffs and US subsidies but expressed confidence that Indian negotiators would secure the "best possible deal." Jaishankar also noted the growing willingness of the Trump administration to engage with India, marking a shift towards a stronger and more substantial partnership between the two nations.
India Set to Surpass Japan and Become the World’s Fourth-Largest Economy by 2024-25, IMF Reports
India is set to surpass Japan and become the world’s fourth-largest economy by the third quarter of the financial year 2024-25, according to the International Monetary Fund (IMF). With its GDP rising from $2.1 trillion in 2015 to an estimated $4.3 trillion by 2025, India has outpaced several major global economies, including China, the US, and Germany. If the current growth trajectory continues, India may also surpass Germany by 2027. India’s rapid economic expansion highlights its growing influence on the global stage, positioning it for a potential $10 trillion economy by 2032.
