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The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> settled for the day on a flat note at 83.51 (provisional) against the US dollar on Wednesday, as the support from easing <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> was negated by strong dollar demand. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders said a muted trend in domestic equities and significant <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword> dented investors' sentiments. At the interbank foreign exchange market, the local unit traded in a narrow range. It opened at 83.50, and touched an intraday high of 83.49 and a low of 83.52 during the day. The local unit finally settled for the day at 83.51 (provisional), unchanged from its previous close. On Tuesday, the rupee closed at 83.51 against the American currency. "The Indian rupee traded flat to negative on weak domestic markets and strong US dollar. FII outflows also weighed on the rupee. However, a decline in crude oil prices cushioned the downside," said Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas. "We expect the rupee to trade with a slight negative bias amid strength in the greenback and continued selling pressure by foreign investors. Positive global equities may support riskier currencies. "Weakness in crude oil prices may support rupee at lower levels. USD-INR spot price is expected to trade in a range of Rs 83.30 to Rs 83.75," Choudhary added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 105.53, higher by 0.12 per cent as the US dollar gained on hawkish Fedspeak and geopolitical tensions in the Middle East. Brent crude futures, the global oil benchmark, fell 1.37 per cent to <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 82.02 per barrel. On the domestic equity market, the 30-share BSE Sensex fell 45.46 points, or 0.06 per cent to close at 73,466.39 points. The broader NSE Nifty settled flat at 22,302.50 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 3,668.84 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-has-silently-launched-the-pixel-8a-in-india-starting-at-52999/articleshow/109937286.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-has-silently-launched-the-pixel-8a-in-india-starting-at-52999/articleshow/109937286.cms" target="_blank">Google has quietly launched the Pixel 8a in India starting at ₹52,999</a><a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank">Google Wallet launched in India – store your loyalty cards, boarding passes and more</a><a href="https://www.businessinsider.in/stock-market/webstories/tbo-tek-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109946929.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/tbo-tek-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109946929.cms" target="_blank">TBO Tek IPO – Company details to risk factors, all you need to know</a>

Rupee settles on flat note at 83.51 against US dollar

<ul class="summary-list"><li>TikTok and its owner sought to hire hundreds of Chinese staff in 2023, Business Insider has learned.</li><li>669 of the 1,089 approved US H-1B hires for TikTok and ByteDance in that fiscal year were from China.</li></ul>TikTok didn't shy away from hiring employees from China last year, even as US officials accused the app of being a national security risk because its owner, ByteDance, is headquartered in Beijing.Of the roughly 1,000 non-US employees that TikTok and ByteDance sought to hire for its US teams via H-1B visa applications between October 2022 and September 2023, most were from China.Companies use the H-1B program to hire foreign workers who have business skills that they say they cannot otherwise obtain from the existing US workforce.Six hundred and sixty-nine of the 1,089 approved H-1B hires for TikTok and ByteDance last fiscal year were from China, a 50% increase from the previous year, according to US Citizenship and Immigration Services data obtained by Business Insider via a Freedom of Information Act request. The federal government's fiscal year runs from October through September.Fourteen of those 669 approved hires were recruited to work under TikTok's <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-us-user-data-storage-project-texas-privacy-security-2023-3">US Data Security Division</a>, or USDS, a section of the company dedicated to keeping US user data out of the hands of the Chinese Communist Party and other actors that the US government has deemed a foreign adversary. Those roles included work in data science, fraud strategy, systems analysis, and software engineering.While TikTok is by far ByteDance's most popular app in the US, the company does operate other platforms such as its Pinterest-like app <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-owner-bytedance-hiring-influencers-boost-lemon8-app-2024-1">Lemon8</a>, which some H-1B hires may have been tasked with working on.TikTok and ByteDance's 50% year-over-year jump in approved H-1B applications for Chinese nationals came despite US Senator Tom Cotton raising concerns about having "foreign individuals work at ByteDance and TikTok's offices in California.""Given the security concerns with TikTok and the company's repeated statements about 'US-based' teams and data centers, having hundreds of foreign nationals working in those offices presents another potential threat," Cotton <a target="_blank" class="" href="https://www.uscis.gov/sites/default/files/document/foia/H-1B_visa_use-Senator_Cotton.pdf">wrote</a> in a November 2022 letter to Secretary of Homeland Security Alejandro Mayorkas.TikTok and ByteDance did not respond to requests for comment.Using the H-1B program to recruit talent from China isn't unusual on its own. Among applications for H-1B visas across all companies in fiscal year 2023, it was the second most common country of origin, per data published by the <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.uscis.gov/sites/default/files/document/reports/OLA_Signed_H-1B_Characteristics_Congressional_Report_FY2023.pdf">USCIS</a>. But TikTok and ByteDance's H-1B recruiting efforts dramatically over-indexed toward China. Only 12% of all approved fiscal year 2023 H-1B applications were for Chinese nationals, compared to 61% of TikTok and ByteDance's approved applications.India ranked second among countries where TikTok and ByteDance earned H-1B approvals in fiscal year 2023, followed by Taiwan, Canada, and Vietnam.<h2 id="652509fc-c542-496a-8661-64a16854f5a3">Why TikTok is recruiting talent from China</h2>TikTok has been under heavy scrutiny for years due to its owner's roots in China. US officials have <a target="_blank" class="" href="https://www.businessinsider.com/fcc-tiktok-letter-experts-say-ban-unlikely-despite-political-pressure-2022-7">raised concerns</a> that ByteDance could be compelled to hand over TikTok's US user data to the Chinese government in order to comply with a National Intelligence Law. Some have worried that TikTok could be used as a propaganda tool to further the CCP's interests.In April, Congress passed a <a target="_blank" class="" href="https://www.businessinsider.com/senate-passes-tiktok-ban-2024-4">law</a> that gave ByteDance a deadline for divesting TikTok's US assets. If it fails to do so, TikTok could be removed from US app stores in January. TikTok is challenging the law in court, but legal experts previously told BI it's <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-justice-department-federal-appeals-court-law-ban-expert-2024-9">not looking promising for the company</a>. President-elect Trump pledged on the campaign trail to "<a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-block-tiktok-ban-legal-experts-2024-11">never ban TikTok</a>," but his paths to rescuing the app are limited.TikTok has previously said it does not share information with the Chinese government, and that its content moderation efforts are run by a US-based team that "operates independently from China."While it may not be politically advantageous for TikTok to recruit talent from China, it makes sense given the company operates closely with its parent ByteDance.Even as TikTok has taken steps to <a target="_blank" href="https://gizmodo.com/tiktok-master-messaging-pr-playbook-china-music-1849334736">downplay its association with China</a>, its owner, ByteDance, continues to operate in the US. Current and former TikTok employees <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-employees-say-staff-in-china-make-many-product-decisions-2021-12">told BI in 2021</a> that final product decisions for TikTok were often made by ByteDance staffers in Beijing. And TikTok staffers are asked to adhere to core workplace values it calls "<a target="_blank" class="" href="https://www.businessinsider.com/tiktok-employees-bytedance-bytestyles-used-to-reward-and-reprimand-2021-9">ByteStyles</a>."The company has also used TikTok's Chinese sister app, Douyin, as a testing ground for features that <a target="_blank" class="" href="https://www.businessinsider.com/whats-next-for-tiktok-look-at-china-douyin-2022-1">ultimately end up on TikTok</a>. Recently, the company has matched vendors with expertise in <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-shop-us-partner-summit-live-shopping-and-douyin-ruled-2024-10">e-commerce in China</a> to its US partners that work with sellers and influencers on its social-shopping feature, TikTok Shop. Several of its approved 2023 H-1B applications for Chinese nationals were for roles in e-commerce, including a creator manager role focused on live shopping and software engineering roles tied to shopping ads.

TikTok and its owner ramped up their hiring of Chinese employees, even as Congress raised national security concerns

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> appreciated 8 paise to 83.44 against the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword> <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Thursday, as the American currency retreated from its elevated levels. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said a negative trend in domestic equities and <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword> weighed on the local unit and restricted the up move. At the interbank foreign exchange market, the local unit opened at 83.49 against the greenback. It later touched 83.44 in initial trade, registering a rise of 8 paise from its previous close. On Wednesday, the rupee stayed range-bound and settled 1 paisa lower at 83.52 against the US dollar. "Indian rupee was sold against the dollar as FPIs continued to sell stocks worth over Rs 6,000 crore on Wednesday and bought dollars keeping US dollar higher," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Dollar buying could reemerge despite US dollar selling by the Reserve Bank of India (RBI) to protect the rupee, Bhansali added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.51, lower by 0.03 per cent. "The US FED speakers warned that interest rates could remain higher for longer. More speakers would give their rhetoric on Thursday and Friday. The dollar index was stable at 105.54 while the US 10-year bond yield rose from 4.46 per cent to 4.50 per cent," Bhansali said. Brent crude futures, the global oil benchmark, rose 0.43 per cent to USD 83.94 per barrel. On the domestic equity market front, the 30-share BSE Sensex declined 176.2 points or 0.24 per cent to 73,290.19 in early trade. The NSE Nifty fell 49.75 points or 0.22 per cent to 22,252.75 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 6,669.10 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/indegene-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/109952516.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/indegene-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/109952516.cms" target="_blank">Indegene IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank">Google Wallet launched in India – store your loyalty cards, boarding passes and more</a><a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a>

Rupee rises 8 paise to 83.44 against US dollar in early trade

<ul class="summary-list"><li>China is unlikely to push Apple out of the country, Shehzad Qazi of China Beige Book told CNBC.</li><li>Despite the iPhone ban last year, Apple is likely doubling down on China, Wedbush's Dan Ives said.</li></ul><a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> is unlikely to be among US firms ousted by China, even as officials in Beijing look to reduce the country's exposure to certain American companies, Shehzad Qazi of China Beige Book told <a href="https://www.youtube.com/watch?v=6ypewAWke6g" target="_blank" rel="noopener">CNBC</a> on Monday.According to Qazi, the country's leadership is setting up restrictions on US business as a way to limit <a href="https://markets.businessinsider.com/news/stocks/china-economy-us-growth-xi-jinping-biden-national-security-chips-2023-5">security risk</a>."In sectors where they think reliance on American firms — software, hardware, anything talked about — is going to become a national security threat, they want American companies out. Extricated. Gone," he said.For instance, Beijing <a href="https://markets.businessinsider.com/news/stocks/micron-technology-stock-china-ban-trade-war-nvidia-biden-beijing-2023-5?utm_medium=ingest&amp;utm_source=markets">banned US semiconductor firm Micron</a> last year, while <a href="https://www.reuters.com/markets/us/intel-amd-fall-report-china-blocks-us-chips-state-computers-2024-03-25/#:~:text=The%20Financial%20Times%20reported%20over,in%20favor%20of%20domestic%20options." target="_blank" rel="noopener">Intel and AMD chips are barred</a> from being used in state computers as of Monday. For Apple, such scrutiny has already sparked friction with China, as iPhones were <a href="https://www.businessinsider.com/china-apple-iphone-ban-government-officials-agencies-crackdown-2023-12#:~:text=More%20Chinese%20government%20officials%20have,at%20least%20eight%20Chinese%20provinces.">banned for government officials</a> in 2023. But the smartphone giant is too important for China to mandate full-blown disinvestment, Qazi said.That's as China remains the manufacturing heart of Apple, with roughly <a href="https://www.businessinsider.com/apple-center-of-gravity-is-china-not-cupertino-2023-10">95% of its products made in the country</a>. "Where China has an advantage, whether it's in terms of jobs or access to technology, retaining a critical position in the supply chain, it certainly wants those firms there," Qazi noted, adding that the same logic applies to why US pharmaceutical companies are still welcome in the country.Meanwhile, though geopolitical tensions have clouded Apple's relations with China, the company is standing firm on its presence as a manufacturer and a retailer in the country, Wedbush Securities analyst Dan Ives said in a Monday note.That's apparent as CEO Tim Cook took part in the China Development Forum this week, which Ives considers an olive branch on part of Beijing."In essence Apple needs China and China needs Apple despite all the noise," he said. "With 90% of the supply chain cemented in China Apple will over time move some manufacturing to India, Vietnam, and other regions. However, the vast majority of its iPhone production and suppliers will remain in China and this trip was Apple essentially doubling down on China."Its retail footprint is also growing, and the firm opened its second-largest store in Shanghai on Thursday.

China needs Apple even as it tries to push foreign firms out, economist says

After exempting foreign companies, the Budget 2020-21 has exempted the income of Indian <keyword id="1883250" type="COMPANY" weightage="20" keywordseo="strategic-petroleum-reserves">Strategic Petroleum Reserves</keyword> Ltd (ISPRL) from taxes on transaction of crude oil stored in the underground caverns it built as country's strategic stockpile. In 2017, the government had exempted foreign companies from paying income tax on the sale of oil they store in India's strategic oil reserves. According to a budget 2020-21 document, the income of ISPRL will be exempt from taxes on the transaction of crude oil stored in its strategic caverns, provided the company replenishes the removed fuel within three years.
 Tax changes on ISPRL will be effective April 1.
 The then Finance Minister Arun Jaitley had in his Budget for 2017-18 exempted income of a foreign company, which books capacity in the strategic storages, from the sale of leftover stock.
 Prior to that, exemption from payment of income tax was available only during the duration of the contract a company entered into for hiring the storage caverns.
 The Budget also abolished import tax on very low sulphur fuel oil (VLSFO) used by ships to reduce costs for local shipping companies.
 This relief is in line with exemptions offered to other bunker fuels.
 Also, the import tax on calcined petroleum coke, used by aluminum makers to make anodes, will be reduced to 7.5 per cent from 10 per cent earlier.
 These tax changes took effect from Sunday.
 In a bid to insulate the country from volatility in the global oil market, India has built underground storages in rock caverns at Visakhapatnam (1.33 million tonnes), Mangalore (1.5 MT) and Padur (2.5 MT). Two more underground crude oil storages at Chandikhol in Odisha and Bikaner in Rajasthan, with a combined capacity to stock 12 million tonnes of oil, are planned to be built.
 Strategic storages provide a country with a two-fold advantage. Firstly it ensures utilisation of reserves in times of high oil and gas prices and secondly, they can be used in the event of supply disruptions following unforeseen events like a natural disaster or a war-like situation.
 The storage at Chandikhol will be an underground rock cavern while the one at Bikaner will be an underground salt cavern.
 UAE's national oil company ADNOC and Saudi Aramco have signed agreements to hire capacity in India's maiden strategic oil storages.
 India is 83 per cent dependent on imports to meet its crude oil needs.
 Under the agreements, India will have the first right to use the stored oil in case of an emergency, while ADNOC and Aramco would use the facility to store oil for trading purposes. ANZ MKJ

Exempt from tax: Foreign companies storing oil in India's 'strategic reserves'

<ul class="summary-list"><li>Russia says it has rerouted all the crude it would have sold to the West, Reuters reported.</li><li>Official implied Russia has offset the impact of sanctions imposed since its invasion of Ukraine.</li></ul>Russia says it has successfully rerouted all the oil it would have sold to the West to "friendly" countries, claiming to have overcome the trade restrictions imposed on its top export."I can say today that we have managed to completely redirect the entire volume of exports affected by the embargo. There was no decrease in sales," Russia's energy minister Nikolai Shulginov said at an event on Tuesday, per <a href="https://www.reuters.com/business/energy/russia-says-it-has-rerouted-all-oil-exports-hit-by-western-embargo-2023-03-28/">Reuters</a>.Shulginov said Russia had largely rerouted oil that would have been sold to the West to customers in Asia, Africa, the Middle East, and Latin America. India, in particular, has significantly increased its oil trade with the nation, with sales jumping 2,200% over the last year, according to Russia's deputy prime minister Alexander Novak.That comes several months after the European Union banned most imports and slapped a $60 price cap on Russian crude. The bloc also banned Russian oil trade using western shipping and insurance services, unless oil is sold under the $60 cap. Foreign policy experts said sanctions had the potential to <a href="https://markets.businessinsider.com/news/commodities/russia-could-become-failed-state-within-10-years-sanctions-survey-2023-1">splinter Russia's economy</a>, though Putin rebuffed trade restrictions as "<a href="https://markets.businessinsider.com/news/commodities/vladimir-putin-russian-oil-price-cap-eu-ban-production-cut-2022-12">stupid</a>" and vowed to ramp up oil trade to the nation's allies, who have been snapping up more <a href="https://markets.businessinsider.com/news/commodities/india-china-still-buying-russian-oil-but-demand-huge-discounts-2022-11">Russian crude at hefty discounts</a>.Novak said Russia would continue to focus on exporting its energy commodities to allies, though industry professionals have warned there could be more obstacles ahead. Gazprom CEO Alexander Dyukov said 2023 would be a more difficult year for Russian oil suppliers, as sanctions will continue to exert pressure on the industry.

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Rupee settles on flat note at 83.51 against US dollar

PTI

TikTok and its owner ramped up their hiring of Chinese employees, even as Congress raised national security concerns

Dan Whateley

Rupee rises 8 paise to 83.44 against US dollar in early trade

PTI

China needs Apple even as it tries to push foreign firms out, economist says

Filip De Mott

Exempt from tax: Foreign companies storing oil in India's 'strategic reserves'

PTI

Russia says it has successfully rerouted all the oil it would have sold to the West to 'friendly' nations

Jennifer Sor

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