Since April 2, following Trump’s reciprocal tariff announcement, the currency has depreciated by 5.5%. (AI image)

The rupee continued its downward journey against the US dollar on Thursday, slumping to a record low of 90.43 in early trade. The Indian rupee crossed the significant 90-level barrier against the US dollar on Wednesday, reaching an intra-day low of 90.29 before closing at 90.19. This continued depreciation raises concerns about its impact on the broader economy.According to an SBI research team analysis, this represents the fastest Rs 5 decline against the dollar, with the Indian currency falling from 85 to 90 in under a year, despite the RBI’s interventions to stabilise the currency. The rupee’s value continues to be influenced by external factors, unlike the stock market index. Ongoing Foreign Portfolio Investment withdrawals, substantial trade deficits from high-cost imports of oil, metals and electronics, alongside a strong dollar maintain pressure on the currency.

Since April 2, following Trump’s reciprocal tariff announcement, the currency has depreciated by 5.5%. Foreign portfolio investors have withdrawn more than $17 billion this year, whilst private equity firms have cashed out their investments through substantial IPOs from prominent startups, contributing to capital outflows from India. The situation has worsened in recent months due to increased gold and silver prices, resulting in unprecedented imports and trade deficit in October.But the government is not worried. V Anantha Nageswaran, the chief economic adviser, said that the government ‘is not losing sleep’ over rupee’s decline. Nevertheless, he anticipated improvement in the currency’s value next year. Regarding foreign direct investment, Nageswaran expressed optimism, stating, “We may cross $100bn this year.”The depreciation of currency increases import costs across sectors from petroleum to consumer electronics, leading to inflationary pressures and higher expenses for international education, healthcare, and tourism. However, it proves beneficial for overseas remittances and export revenues during a period when the economy faces challenges from substantial 50% US tariffs.Experts indicate that whilst currency depreciation risks importing inflation, a regulated decline addresses multiple challenges for the central bank. The benefits include enhanced share values in dollar terms, management of current account deficit and preservation of central bank reserves.

Market analysts anticipate range-bound trading in the short term, with focus on currency movements, RBI policy signals, and trade talk progress. (AI image)

Stock market today: Indian equity benchmark indices, Nifty50 and BSE Sensex, opened in red on Thursday. While Nifty50 was below 26,000, BSE Sensex was down nearly 100 points. At 9:19 AM, Nifty50 was trading at 25,956.40, down 30 points or 0.11%. BSE Sensex was at 85,013.18, down 94 points or 0.11%.Market analysts anticipate range-bound trading in the short term, with focus on currency movements, RBI policy signals, and trade talk progress.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “ The market is currently in the midst of two opposing forces: one negative and the other positive. Sharp depreciation of above 5% in the rupee and RBI’s policy of non-intervention to support the currency is a negative from the FII’s perspective. This has pushed the FIIs back to the sustained selling mode pulling the Nifty down by 340 points from the recent record high.” “The positive factor is India’s improving fundamentals – robust economic growth, low inflation, supportive monetary and fiscal policies and indications of steadily improving corporate earnings. It is important to understand that the negative factor may weigh on the market in the near-term, but the positive factor will dominate in the mid-term enabling the market to resume its upward journey. Therefore, this near-term currency-induced weakness can be used by long-term investors to accumulate high quality large and midcap stocks.”US stock markets finished higher on Wednesday, supported by expectations of a Federal Reserve rate reduction next week, despite Microsoft’s share price decline limiting gains.Asian equities rose as trading began on Thursday, following gains in US markets after additional data indicated a cooling labour market strengthened expectations for the Federal Reserve to reduce interest rates next week.Crude oil edged higher on Thursday following Ukrainian strikes on Russian oil facilities indicating possible supply disruptions, whilst failed peace negotiations dampened hopes for resuming Russian oil supply to global markets, although weak market conditions limited the increase.Foreign portfolio investors sold shares worth Rs 3,207 crore net on Wednesday. Domestic institutional investors were net purchasers at Rs 4,730 crore.The Indian rupee weakened beyond 90 against the US dollar to its lowest ever on Wednesday.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The Trump administration announced on Wednesday that it had increased vetting of H-1B visa applicants for highly skilled workers, instructing that anyone involved in “censorship” of free speech should be considered for rejection, according to an internal State Department memo.H-1B visas allow US employers to hire foreign workers in specialty fields and are crucial for US tech companies, which recruit heavily from countries including India and China. Many of those companies’ leaders threw their support behind Trump in the last presidential election.

The cable, sent to all US missions on December 2, ordered US consular officers to review resumes or LinkedIn profiles of H-1B applicants and family members travelling with them to see if they had worked in areas including misinformation, disinformation, content moderation, fact-checking, compliance and online safety.In a press release, the US department said that all the applicants need to change their profile setting from private to public. “As of December 15, the Department will expand the requirement that an online presence review be conducted for all H-1B applicants and their dependents, in addition to the students and exchange visitors already subject to this review. To facilitate this vetting, all applicants for H-1B and their dependents (H-4), F, M, and J nonimmigrant visas are instructed to adjust the privacy settings on all of their social media profiles to “public,” the statement read. “If you uncover evidence an applicant was responsible for, or complicit in, censorship or attempted censorship of protected expression in the United States, you should pursue a finding that the applicant is ineligible,” under a specific article of the Immigration and Nationality Act, the cable said.Details on the enhanced vetting for H-1B visas, including the focus on censorship and free speech, had not been previously reported. The State Dept did not respond to a request for comment on the contents of the cable.The cable said all visa applicants were subject to this policy but sought a heightened review for H-1B applicants given they frequently worked in the technology sector “including in social media or financial services companies involved in the suppression of protected expression.”“You must thoroughly explore their employment histories to ensure no participation in such activities,” the cable said.The new vetting requirements applied to both new and repeat applicants.The Trump administration made free speech, particularly what it saw as the stifling of conservative voices online, a focus of its foreign policy. Officials repeatedly weighed in on European politics to denounce what they said was suppression of right-wing politicians, including in Romania, Germany and France, accusing European authorities of censoring views like criticism of immigration in the name of countering disinformation.In May, Rubio threatened visa bans for people who censored speech by Americans, including on social media, and suggested the policy could target foreign officials regulating US tech companies.The Trump administration had already significantly tightened its vetting of applicants for student visas, ordering US consular officers to screen for any social media posts that might be hostile towards the United States.As part of his wide-ranging crackdown on immigration, Trump in September imposed new fees on H-1B visas.Trump and his Republican allies had repeatedly accused the administration of Democratic former President Joe Biden of encouraging suppression of free speech on online platforms, claims that had centred on efforts to stem false claims about vaccines and elections.

How will this impact Indian techies?

The H-1B visa is relied on heavily by Indian tech professionals, meaning stricter US vetting rules will disproportionately affect Indian applicants. Under the Trump administration’s new policy, certain categories of Indian workers are now more vulnerable to delays, intensive questioning and potential denials — and, for the first time, even spouses and children will face expanded background checks. The change adds a new layer of uncertainty for thousands of Indian families in the US immigration pipeline. According to an analysis by the National Foundation for American Policy (NFAP) reported by Newsweek, only three Indian firms ranked among the top 25 employers with approved H-1B petitions for initial employment in fiscal year 2025. The top seven Indian companies together secured just 4,573 H-1B approvals for initial employment in FY25 — a 70% drop from FY15 and a 37% decline compared to FY24. By contrast, US tech giants such as Amazon, Meta, Microsoft and Google dominated new approvals, highlighting the increasingly central role of American companies in sponsoring high-skilled foreign workers, the report said.

Coriander, onions and basil planted in December can produce impressive harvests in just a few months’ time, according to gardening expert Benedict Vanheems

Now that December has arrived, many of us will be slowing down a bit as we anticipate a peaceful festive period. However, for gardeners, the work never quite ends, and there are several kitchen garden essentials that need planting this month if you’re hoping for optimal results next year.

After all, as gardening expert Benedict Vanheems highlights: “The days will soon be getting longer and it’s only a few short months before the bulk of sowing begins in earnest.”

In particular, says Vanheems, there’s a long-standing tradition of planting onions on Boxing Day if you’re aiming to showcase some enormous vegetables at your local garden and produce show next year.

There are also several other kitchen staples that will thrive remarkably well if planted in the coming weeks. Benedict reveals on his GrowVeg YouTube channel which seeds you should sow now to achieve the finest results.

Coriander

Coriander, or Cilantro as it’s known across the pond, is a multi-purpose herb that works brilliantly in everything from straightforward soups and sausages to flavourful Mexican cuisine. Just bear in mind that roughly 10% of Europeans perceive the herb as tasting like soap, so check with your guests first!

One of the hurdles when cultivating coriander is that during warmer spells, it can be susceptible to “bolting,” or early flowering: “That’s absolutely fine if you want the seed pods to harvest the seeds to grind into coriander powder,” Benedict says, “but if you’re after the juicy, aromatic leaves, autumn or winter is a great time to grow coriander.”

By encasing your coriander seeds in a small pouch of cotton or muslin fabric, you can pre-germinate them by immersing them in water overnight to activate them, then giving them a quick dip twice daily.

After roughly a week, they should be prepared for planting. Distribute them very gently into a tray of compost, being careful not to harm their fragile roots.

Letting them establish themselves in a cold frame, or even on a sunny window ledge, should provide your coriander plants with a strong foundation.

Within approximately six to eight weeks, the leaves should be ready for harvesting and, if you’re cautious not to harm the growing-point, you might even be fortunate enough to secure a second crop.

Benedict has one additional suggestion for gardeners: “Cilantro, or coriander seed, can be a little bit expensive so it’s worth letting a few plants bolt in the summer so you can harvest your own seed and save yourself a few pennies too.”

Onions

“Now is the perfect time to begin growing onions from seed,” advises Benedict, “particularly if you’re aiming for impressively large, football-sized champion onions.”

The day after Christmas is traditionally when onions are sown for super-sized ones. Start with a well-sifted all-purpose potting mix. If your goal is to grow colossal onions to impress fellow gardeners, choose a variety like Exhibition or Showmaster which, as their names imply, are chosen for their size.

Benedict further suggests not planting your onions outdoors immediately for the best results: “To get these germinated I’m going bring them indoors into the warmth of the house and then they will come back out here once they’re up. Then, as light levels improve within about a month or so, growth should really start to pick up.”

He also recommends that if you’re feeling particularly competitive, consider placing your onions under grow lights for the first month or so to give them a significant head start.

Basil

Basil, another essential garden herb crucial in many Italian recipes, is surprisingly easy to cultivate. It’s especially rewarding for those who don’t have a large garden or allotment and need to find plants that will thrive indoors.”

“Basil is a great one to grow on a window sill or under grow lights,” says Benedict, adding that the plant’s vibrant green leaves and aromatic scents are the perfect remedy for grey winter days.

He suggests opting for classic sweet basil, occasionally labelled as Genovese basil, explaining: “I’ve chosen that because it’s very versatile, very reliable and the seeds are generally very cheap so I can make multiple sowings throughout the winter without breaking the bank. He adds practical guidance for planting: “Again, use well-sifted all-purpose compost, ideally in four-inch pots.

“Sprinkle the seeds fairly thinly, and cover with just a tiny amount of additional compost.” To avoid disrupting his carefully arranged seed layers, Benedict employs a mister for watering. After thoroughly moistening the soil, he advises covering the pots to retain moisture levels.

Describing the next crucial step, he notes: “To help them germinate, on goes a bit of clear plastic. What this will do is create a lovely humid environment in there that will just help them to germinate and grow.”

As with previous recommendations, during this period of the year, artificial lighting will deliver optimal outcomes.

Venturing into your garden might provide the perfect counterbalance to those extended festive afternoons spent indoors watching television in a warm, airless living room.

Plus, if you’re fortunate enough to own a greenhouse, it offers an excellent sanctuary should family visitors begin to overstay their festive welcome.

BofA Securities has a neutral rating on PB Fintech (Policybazar) with the target price of Rs 1,980. Analysts said that the company’s management sees no GST-led negative impact on health and term policies, some impact on savings business but they’re working to address the same in the next 3-6 months. Most insurer contracts on combined operating ratio. They said that with lower operating expense and better claims ratio, PB is better placed to negotiate with insurance companies. PB is focused on driving healthy growth, they said.Jefferies has a buy on Chalet Hotels with the target price at Rs 1,070. Analyst said that the company reaffirmed its metro dominance at its analyst meet, citing institutional partnerships, mixed-use expertise and industry-leading execution. The hospitality company is focused on ‘Big Box’ city assets and leisure properties, complemented by selective commercial real estate. Since listing, Chalet has added 1,050+ keys and has another 1,180 in the pipeline. The company prefers to balance brand tie-ups with a selective rollout of ATHIVA, its new upper-upscale brand tailored to each property’s potential.CLSA has an outperform rating on Hindalco with the target price raised to Rs 965. Analysts estimate that even at an LME price of $2,600 (spot $2,850), ongoing capacity and margin expansion initiatives could double earnings before interest, taxes, depreciation, and amortisation (EBITDA) in the next five years, with significant free cash flow generation in the back half. They said in the near term, concerns at Novelis (capex escalation and fire in a plant) are likely to be offset by strong aluminium price outlook. The management was constructive on aluminium price outlook, they said. The company’s capacity addition in Indonesia (as China approaches its ceiling of 45 metric tonne) could face challenges on power availability. They also said that the demand is resilient.Citigroup has upgraded HDFC AM to neutral from sell with the target price raised to Rs 2,850. Analysts upgrade the stock on a number of factors. For one, the fund house shows sustained strength in performance across most key actively-managed high-yielding categories. It has an elevated focus on scaling up non-MF businesses. Also, there’s limited visibility of any near-term regulatory overhang. On the other hand, elevated competitive pressure and reducing distribution moats for incumbents remain the key concerns.Macquarie has an outperform rating on ITC with the target price at Rs 500. Analysts believe concerns on high per-stick taxes shared in draft excise document are misplaced, as such rates represent the cap and not the applicable rates. They see potential moderation in discounting post move to GST as a percentage of retail price, and moderation in leaf tobacco costs driving 10%+ FY27 EBIT growth in cigarette business. Analysts raised ITC’s earnings per share estimates and target price by 2% and 4%, respectively, to factor in these tailwinds. They also believe a re-rating needs clarity that cigarette tax will not increase materially post levy of a new cess.