KUWAIT CITY, Sept 22: The Indian Business and Professional Council (IBPC) Kuwait participated in the Indian Chamber of Commerce (ICC) Global Business Summit held on 18th and 19th September 2025 in Mumbai.

A landmark moment during the Summit was the signing of a Memorandum of Understanding (MoU) between ICC and IBPC Kuwait. The MoU was signed by Mr. Abhyudaya Jindal, President of ICC, and Mr. Kaizar Shakir, Chairman of IBPC Kuwait, in the presence of Mr. S. K. Wadhawan, along with Mr. Suresh K. P., Secretary of IBPC Kuwait, and Mr. Sunit Arora, Joint Secretary of IBPC Kuwait.

The IBPC Kuwait delegation of over 20 members actively engaged with business consortiums and leaders, including Mr. Saqer Yaseen Al-Rashoud, CEO of Public Relations and Marketing for the National Cleaning Company, Mr. Abdulrahman Al-Houti, a lawyer and Managing Partner at Dar Al-Muhama Law Firm, and Mr. M. A. Asad Khan, CEO of the Kuwaiti Swedish Cleaning Services Company.

The Summit provided an excellent platform for the delegation to network with business leaders, engage with policymakers, and interact with key stakeholders from diverse sectors as well as representatives from various state governments. These exchanges opened new opportunities for collaboration, trade partnerships, and mutual growth.

This MoU sets the stage for stronger cooperation, trade opportunities, and professional collaboration between India and Kuwait. IBPC Kuwait also thanks Mr. Abhyudaya Jindal for his leadership in enabling this milestone, which will further deepen economic and cultural ties.

The participation of IBPC Kuwait at this Summit reflects its mission to foster partnerships, dialogue, and progress, while continuing its role as a bridge between the business communities of India and Kuwait.

Indian rupee hits record low of 88.62 against the US dollar.

MUMBAI, Sept 23: The Indian rupee fell to an all-time low on Tuesday, sliding to 88.62 against the U.S. dollar, surpassing the previous record of 88.4550 reached two weeks earlier. The decline came as U.S. visa fee hikes intensified pressure on the currency, compounding an already challenging economic outlook.

The increase in H-1B visa fees could slow the deployment of Indian workers to U.S. clients, potentially impacting the profitability of India’s IT sector. This development may lead foreign investors to reassess their investments in Indian IT companies, resulting in reduced equity flows.

In addition, reduced deployment of Indian workers in the U.S. could lower remittances, further straining dollar inflows into India.

These factors come amid ongoing external pressures, including a 50% tariff imposed by the U.S. on Indian goods — the highest among Asian countries — which is expected to negatively affect Indian exports.

“For the rupee, the pressures have increased in terms of tariffs kicking in at 50% and the recent visa news is incrementally negative for equity flows, especially into the IT sector,” said Dhiraj Nim, FX strategist at ANZ Bank.

The Reserve Bank of India (RBI) appears prepared to allow the rupee to weaken gradually. With inflation projected at around 4–4.5% in fiscal year 2026-27, a modest depreciation is seen as manageable, Nim added.

Bankers noted that the RBI has intervened in the currency markets to support the rupee without defending a specific exchange rate level. These interventions are designed to maintain orderly depreciation and prevent market disruption.

On Tuesday, the central bank likely sold dollars through state-run banks near the 88.50 level to support the rupee before letting it weaken further.

Year-to-date, the rupee has underperformed compared to other Asian currencies, failing to benefit from a recent decline in the U.S. dollar index. Heavy U.S. tariffs on Indian exports and reduced foreign capital inflows have weighed on the currency.

Foreign investors have withdrawn more than $15 billion from Indian equities in 2025, underscoring concerns about the outlook for the rupee and the Indian economy.

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), top center left, and the foreign exchange rate between US dollar and South Korean won, top center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea on Sept 23. (AP)

TOKYO, Sept 23, (AP): Asian shares were trading mixed Tuesday in the absence of key market-driving news in the region, after a seemingly relentless rally continued on Wall Street. Tokyo trading was closed for a national holiday. Australia’s S&P/ASX 200 climbed 0.4% to 8,845.90. South Korea’s Kospi added 0.6% to 3,488.23. Hong Kong’s Hang Seng slipped 1.0% to 26,080.91, as investors continued to watch ongoing talks about US tariffs.

The Shanghai Composite dropped 0.7% to 3,800.21. On Wall Street, the S&P 500 rose 0.4% after erasing a modest loss from the morning. The Dow Jones Industrial Average added 66 points, or 0.1%, and the Nasdaq composite climbed 0.7%. It was the third straight day where all three indexes set an all-time high.

“Every time the market seems to be running out of momentum, it fools most of us by pushing to higher heights,” said Jay Woods, chief market strategist at Freedom Capital Markets. A familiar face was again the strongest force lifting the market: Nvidia. Wall Street’s most valuable company rose 3.9% after announcing a partnership to train and run OpenAI’s next generation of artificial-intelligence models.

As part of the deal, Nvidia will invest up to $100 billion in OpenAI. Oracle also pushed the market higher after climbing 6.3%. It named Clay Magouyrk and Mike Sicilia as its CEOs, with current CEO Safra Catz becoming executive vice chair of the technology company’s board. Some of the market’s sharpest action was among companies agreeing to buy one another.

Pfizer said it would buy Metsera and its pipeline of medicines to potentially treat obesity in a deal initially valuing it at $4.9 billion. The payout for Metsera investors could go up sharply if its candidates win approval from federal regulators and achieve other milestones. Metsera’s stock jumped 60.7%, and Pfizer’s edged up by less than 0.1%. ODP, which runs Office Depot and Office Max, leaped 32.9% after Atlas Holdings agreed to buy it in a deal valued at roughly $1 billion. All told, the S&P 500 rose 29.39 points to 6,693.75. The Dow Jones Industrial Average added 66.27 to 46,381.54, and the Nasdaq composite climbed 157.50 to 22,788.98.