Rupee falls below 72 mark against US dollar on fund outflows

Agencies

August 23, 2019

Mumbai, Aug 23: The rupee on Friday declined below the 72 mark against the US currency in opening session due to continued foreign fund outflows and losses in the equity markets

The rupee fell by 22 paise to trade at a nine-month low of 72.03 against the US dollar in early session.

The rupee traded in a range of 71.93 to 72.05 to te US dollar in the early session.

A strong dollar in the overseas markets and continued foreign fund outflows weighed on the domestic currency, according to forex traders.

The dollar index, which measures the US currency's strength against global peers, was up 0.15 per cent ahead of a key address by the US Federal Reserve Chairman, who is under pressure from the Trump administration to cut rates.

Foreign investors continued their selling spree in the Indian equities amid fading hopes of any stimulus measures by the government to arrest slowdown.

FPIs withdrew around Rs 900 crore from capital markets on a net basis on Thursday.

The rupee had closed at 71.81 to the US dollar on Thursday.

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Vision 2030 push: Saudi Arabia cancels expat worker fees for licensed industrial facilities

News Network

December 19,2025

Saudi Arabia has abolished fees on expatriate workers employed in licensed industrial establishments, signaling a strong push to empower national factories and enhance the Kingdom’s global industrial competitiveness. The move reflects the leadership’s commitment to building a sustainable and resilient industrial economy under Saudi Vision 2030.

The decision was approved by the Council of Ministers, chaired by Crown Prince and Prime Minister Mohammed bin Salman, following a recommendation from the Council of Economic and Development Affairs (CEDA). It forms part of a broader strategy to support, modernize, and strengthen the industrial sector.

By removing fees on foreign workers, industrial establishments gain greater operational flexibility and relief from financial pressures. This is expected to help factories expand production, improve efficiency, and compete more effectively in international markets, while reinforcing long-term sustainability.

The initiative aligns closely with Saudi Vision 2030, which identifies industry as a key pillar of economic diversification. A competitive and resilient industrial base is viewed as essential for driving innovation, attracting investment, and sustaining long-term economic growth.

Overall, the fee exemption underscores the Kingdom’s commitment to creating a supportive environment for industrial development and ensuring that Saudi factories remain globally competitive and capable of leading the nation’s economic transformation.

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