Apple assures India of unchanged manufacturing plans despite Trump remarks: Report
New Delhi: Apple has reportedly assured Indian government officials that its manufacturing and investment plans in the country remain intact, despite US President Donald Trump’s recent remarks urging the tech giant to halt its production of iPhones in India.
“I had a little problem with Tim Cook yesterday. I said to him, Tim, you’re my friend, but now I hear you’re building all over India. I don’t want you building in India if you want to take care of India,” Trump said.
Trump claimed Apple would now “up their production in the United States,” though he did not provide further details. He also indicated that iPhones meant for the Indian market could continue to be made in India, but the same would not be done for US consumers.
Despite the remarks, Apple has reportedly reaffirmed its commitment to India. According to sources quoted by India Today, Apple assured Indian officials that the country remains a vital part of its global supply chain. "Apple has said that its investment plans in India are intact and it proposes to continue to have India as a major manufacturing base for its products," one official said.
Currently, India accounts for about 15 percent of Apple's global iPhone output. In FY25, iPhones worth over Rs 1.5 lakh crore were exported from India, with the majority of shipments directed to the US.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Rupee hits all-time low for second time in a week
Mumbai (PTI): The rupee depreciated 31 paise to settle at 91.99 against the US dollar on Wednesday, touching the lowest closing level for the second time in less than a week, amid increased month-end demand for the greenback.
Forex traders said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe offered quiet reassurance. However, increased month-end demand for the American currency as well as the ongoing geopolitical tensions dented investors' sentiments.
At the interbank foreign exchange, the rupee opened at 91.60 and touched an early high of 91.50, but pared all the gains to touch an intra-day low of 91.99 against the greenback.
The domestic unit settled 31 paise down, revisiting its lowest-ever closing level of 91.99 against the greenback. The Indian currency previously ended at this level on January 23 when it also hit its all-time intraday low of 92 against the US dollar.
On Tuesday, the rupee rebounded from its all-time low levels and gained 22 paise to close at 91.68 against the US dollar.
Analysts said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe bolstered investor sentiment.
India and the European Union on Tuesday announced the conclusion of negotiations for the free trade agreement (FTA), under which a number of domestic sectors such as apparel, chemicals and footwear will get duty-free entry into the 27-nation bloc, while the EU will get access to the Indian market at concessional duty for cars and wines, an official said.
The deal has been dubbed the "mother of all deals" as it will create a market of about 2 billion people.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent lower at 96.14.
Brent crude, the global oil benchmark, was trading 0.43 per cent lower at USD 67.28 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 487.20 points to settle at 82,344.68, while Nifty surged 167.35 points to 25,342.75.
Foreign Institutional Investors turned net buyers and purchased equities worth Rs 480.26 crore on Wednesday, according to exchange data.
