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Huawei and Airtel Congo jointly launched a new-age smartphone in the African nation.
Both the South African and Indian officials denied the move was to support the currency.
The Central Bank governor said the decision to hike the interest rate was to curb inflation.
The move may push up the cost of borrowing for corporates.
China's manufacturing PMI dropped to 49.6 in January, says HSBC.
The top four global accounting firms have said they will seek a review of the US ruling.
Chidambaram was addressing the WEF meet in Davos on Wednesday.
Apple Chief Executive Tim Cook was present during the launch.
The Kalashnikov, or AK-47, is one of the world's most familiar and widely used weapons.