The Indian rupee is set to face sharp and persistent volatility through 2026 as capital outflows, tariff-related trade disruptions and weak foreign investment flows continue to outweigh the country’s strong macroeconomic fundamentals, analysts and official data indicate, PTI reported.Despite steady growth and moderate inflation at home, the currency is unlikely to find a durable floor until uncertainty around tariffs eases, with market participants cautioning that a trade agreement with the US, while helpful, may not be sufficient on its own to stabilise the rupee.The rupee has weakened nearly 5% since crossing the 85-per-dollar level in January and has slipped past the historic low of 91 against the US dollar. Over the year, it has depreciated more than 19% against the euro, about 14% versus the British pound and over 5% against the Japanese yen, making it the worst-performing currency among Asian peers even as the dollar index fell over 10% and global crude oil prices remained weak.The slide accelerated after sweeping reciprocal tariffs announced by US President Donald Trump in April triggered sustained foreign portfolio outflows, as global investors shifted capital to other emerging markets offering better risk-adjusted returns.The pressure is evident in investment flows. On a net basis, foreign direct investment between January and October this year turned negative, while total investment inflows declined to minus $0.010 billion during the period, compared with inflows of $23 billion in the year-ago period. Net FDI stood at $6.567 billion, while net portfolio investment remained negative at minus $6.575 billion.“FDI acts as the anchor flow for the balance of payments. When that anchor weakens, the currency becomes more dependent on portfolio flows; forex markets turn more sensitive to global risk sentiment; and central bank intervention requirements increase,” said Anindya Banerjee, head of currency and commodity research at Kotak Securities, PTI quoted.The rupee’s fall gathered pace in the last quarter of the year. It dropped more than 1% in a single session on November 21 to 89.66 per dollar, breached the 90 level on December 2 and crossed the 91 mark on December 16.The government has attributed the depreciation to a widening trade deficit and delays in finalising a trade pact with the US amid weak support from the capital account. Minister of state for finance Pankaj Chaudhary told the Rajya Sabha on December 16 that the rupee’s slide had been influenced by the increase in the trade gap and developments related to the India-US trade agreement.RBI governor Sanjay Malhotra has said the central bank does not target any specific exchange rate level, while analysts note that recent rate cuts aimed at supporting domestic growth have reduced the rupee’s relative attractiveness.Dilip Parmar, research analyst at HDFC Securities, described the situation as a capital account-driven crisis, noting that shrinking inflows, rather than trade alone, are driving the decline. The RBI has also shifted towards a more flexible exchange rate regime, which the IMF classifies as a “crawl-like” arrangement.The depletion in net foreign investment inflows has further amplified volatility. “A sharp decline in FDI has reduced long-term dollar inflows, making the rupee more dependent on volatile portfolio flows,” said Jateen Trivedi, VP research analyst, commodity and currency, LKP Securities, PTI quoted.“Higher commodity prices and elevated risk on US trade deals kept FDI away and impacted the rupee majority due to lack of intent in inflows and going elsewhere, which are our competitors,” Trivedi added.RBI data also shows a depletion of $10.9 billion in foreign exchange reserves during July–September FY26, compared with an accretion of $18.6 billion in the same period a year earlier. The record $17.5-billion exit by foreign institutional investors in 2025 has added to dollar demand, intensifying pressure on the rupee.Analysts expect the current account deficit to widen to around 2% or more in 2026 as the full impact of US penalty tariffs feeds into exports, increasing structural demand for dollars. “A trade pact with the US would help, but it is not a silver bullet,” Banerjee said.Despite near-term stress, analysts say India’s growth trajectory and inflation profile provide a long-term anchor for the currency. Banerjee expects the rupee to test the 92–93 levels amid global volatility over the next three to four months, before potentially entering a phase of appreciation from April as capital flows realign and dollar weakness becomes more evident, with levels of 83–84 seen by the end of FY27.

AI generated image for representation

This year, or in February 2025 to be precise, Andrej Karpathy, the former director of AI at Tesla and a founding member of OpenAI, gave the technology world a new word — Vibe Coding. Karpathy came up with the word to represent how AI can let some programmers “forget that the code even exists” and “give in to the vibes” while making a computer program. The word became an overnight buzzword in Silicon Valley. And as the year ended, UK’s Collins Dictionary picked it up as the word of the year. It was one of 10 words on a shortlist to reflect the mood, language and preoccupations of 2025.As to how Andrej Karpathy described the word, here’s the definition Karpathy shared on Twitter, “I’ve never felt this much behind as a programmer. The profession is being dramatically refactored as the bits contributed by the programmer are increasingly sparse and between. I have a sense that I could be 10X more powerful if I just properly string together what has become available over the last ~year and a failure to claim the boost feels decidedly like a skill issue. There’s a new programmable layer of abstraction to master (in addition to the usual layers below) involving agents, subagents, their prompts, contexts, memory, modes, permissions, tools, plugins, skills, hooks, MCP, LSP, slash commands, workflows, IDE integrations, and a need to build an all-encompassing mental model for strengths and pitfalls of fundamentally stochastic, fallible, unintelligible and changing entities suddenly intermingled with what used to be good old fashioned engineering. Clearly some powerful alien tool was handed around except it comes with no manual and everyone has to figure out how to hold it and operate it, while the resulting magnitude 9 earthquake is rocking the profession. Roll up your sleeves to not fall behind.”

Will Vibe Coding take away tech jobs

Is Vibe Coding and advanced capabilities of AI just the nail in the coffin when it comes to the traditional views of computer programming and software development skills? The debate is ongoing, with strong voices on both sides. Y Combinator CEO Garry Tan told CNBC earlier this year that app developers can now offload or automate more repetitive tasks, and they can generate new code using Large Language Models (LLMs). The ability for AI to subsidize an otherwise heavy workload has allowed these companies to build with fewer people.” Tan said. “That sounds a little scary, but on the other hand, what that means for founders is that you don’t need a team of 50 or 100 engineers. You know, maybe it’s that engineer who couldn’t get a job at Meta or Google, who actually can build a standalone business making 10 or 100 million dollars a year with 10 people,” Tan says. “Like that’s such a powerful moment in software.” Tan tweeted another not-so-happy stat for engineers: 25% of the current crop of Y Combinator startups used LLMs (AI large language models) to write 95% of their lines of code.Cursor CEO Michael Truell recently warned that Vibe coding builds ‘shaky foundations’ and eventually ‘things start to crumble’. Truell reportedly likened it to building a house by putting up four walls and a roof without knowing what’s going on under the floorboards or with the wiring. This coding method may be perfect for AI users looking to quickly mock up a game or website, but when it comes to more advanced programming, things have the potential to go wrong, he warned, as per a report in Fortune. “If you close your eyes and you don’t look at the code and you have AIs build things with shaky foundations as you add another floor, and another floor, and another floor, and another floor, things start to kind of crumble,” he said.

How Collins Dictionary defines Vibe Coding

Alex Beecroft, managing director of Collins, said, “The selection of ‘vibe coding’ as Collins’ Word of the Year perfectly captures how language is evolving alongside technology.” Collins’ definition of Vibe Coding states, “vibe coding” is “the use of artificial intelligence prompted by natural language to assist with the writing of computer code.” Or, as a blog post on the dictionary’s website explains: “Basically, telling a machine what you want rather than painstakingly coding it yourself.”

The government on Wednesday launched a Rs 4,531-crore Market Access Support (MAS) scheme to help Indian exporters participate in international fairs, exhibitions and buyer-seller meets, offering a boost at a time when shipments face headwinds from steep US tariffs, PTI reported.The MAS is the first component to be operationalised under the Rs 25,060-crore export promotion mission aimed at enhancing the competitiveness of Indian exporters. The remaining components will be rolled out by the end of January, Director General of Foreign Trade Ajay Badhoo said.Under the MAS, Rs 4,531 crore has been allocated for the six-year period from 2025 to 2031. For 2025-26, Rs 500 crore has been earmarked, given that only three months remain in the current fiscal year. Of this, Rs 330 crore will be used to clear pending dues of the earlier Market Access Initiative (MAI) scheme, which functioned as a standalone programme until the last financial year.The scheme will provide structured financial and institutional support for activities such as Buyer-Seller Meets (BSMs), participation in international trade fairs and exhibitions, and Mega Reverse Buyer-Seller Meets (RBSMs) organised in India. Assistance for BSMs has been capped at Rs 5 crore per event, while support for RBSMs can go up to Rs 10 crore. For trade delegations, the cap has been set at Rs 5 crore.For each approved event, the government will bear 60 per cent of the cost, with the remaining 40 per cent to be met by the private sector. For priority areas, government support can rise to 80 per cent, Badhoo said, adding that 35 per cent of participation slots in BSMs and trade delegations have been reserved for micro, small and medium enterprises (MSMEs).Priority sectors identified under the MAS include agriculture and allied industries, handicrafts, handlooms, leather, sports goods, telecom, defence, tourism, medical, logistics, legal, audio-visual, communications, construction and environment-related services.The DGFT said a new component for proofs-of-concept and product demonstrations to potential overseas buyers, particularly in technology-intensive, emerging and sunrise sectors, will be notified shortly. This has been introduced at the request of the ministries of telecom, IT and electronics.“Mandatory online feedback mechanisms will be instituted for exporters participating in each supported event, covering parameters such as buyer quality, business leads generated and market relevance,” Badhoo said, adding that the MAS guidelines will be progressively refined based on feedback and implementation experience.A forward-looking three-to-five-year calendar of major market access events will also be prepared and approved in advance, allowing exporters and organising agencies to plan participation well ahead of time and ensuring continuity in market development efforts.The export promotion mission approved by the Cabinet in November has two broad components — Niryat Protsahan and Niryat Disha. Of the total outlay, Rs 10,401 crore has been allocated for Niryat Protsahan and Rs 14,659 crore for Niryat Disha.Niryat Protsahan focuses on reducing the cost of credit and includes measures such as interest subvention for MSME exporters, which alone is expected to cost about Rs 5,000 crore. It will also provide collateral guarantees, support for export factoring, credit enhancement to improve borrowers’ credit profiles, and credit cards.India’s exports rebounded 19.37 per cent to a six-month high of $38.13 billion in November after contracting in October, driven by higher shipments of engineering and electronics goods. This helped narrow the trade deficit to a five-month low of $24.53 billion, according to official data.

File photo (Picture credit: PTI)

NEW DELHI: The situation along the country’s northern borders remains stable, yet sensitive, the defence ministry said on Wednesday, and asserted that the deployment of the Indian Army in all sectors along the Line of Actual Control is “robust, well poised” and prepared to deal with any “emerging contingency”.Also, bilateral interaction between India and China at political, diplomatic and military levels have facilitated “positive developments and stabilisation” on the northern borders, it said.

The ministry on Wednesday issued a statement, carrying an analysis of the events and milestones for it in the year gone by.It also mentioned about the situation along the northern front, and the state of India-China ties after the process of disengagement of troops from both sides, along the Line of Actual Control (LAC).“After the agreement on disengagement achieved in Depsang and Demchok in 2024, year 2025 witnessed reduced deployment levels of PLA, both opposite the northern borders and in traditional training areas,” it said.“The PLA (People’s Liberation Army of China) maintained 10 Combined Arms Brigade size forces each in tactical/operational depth opposite the northern borders and in training areas,” the statement said.The ministry further said, “The overall BMP pattern remained unchanged from 2024.” The deployment of the Indian Army in all sectors along the LAC is “robust, well poised and prepared to deal with any emerging contingency”, it added.The country’s defence preparedness has been enhanced with infusion of new generation equipment and deployment of newly created force multipliers of Rudra Brigades, Divyastra Batteries and Bhairav Battalions along the northern borders, the statement said.“The northern borders also witnessed significant improvement of infrastructure, connectivity and billeting in all sectors,” it added.Also, India’s military actions are “calibrated”, and the approach is to respond to PLA activities with an aim to achieve “peace and tranquillity, adhering to the principle of ‘Mutual and Equal’ security”, the ministry said.During 2025, various channels of communication were effectively utilised to address mutual concerns, along the LAC, it said.“The year witnessed renewed engagement with 33rd and 34th round of Working Mechanism for Consultation and Coordination (WMCC) meeting in March and July, 2025 respectively followed by 24th round of Special Representatives (SR) talks on August 19, 2025 at New Delhi,” it said.The “positive developments” in bilateral relationship between both countries was further reinforced during Prime Minister Narendra Modi’s visit to China for SCO Summit in Tianjin in August 2025.“The constructive discourse of relations was also reflected during the 23rd Corps Commander Level Meet (senior highest military commander level meet) conducted in western sector (Eastern Ladakh) on October 25-26, 2025. At ground level, Border Personnel Meetings continued with the PLA in all sectors in a cordial and friendly environment to resolve issues of concern,” reads the analysis.The ministry also said the security situation in Jammu & Kashmir “remains firmly under control due to the relentless efforts of the Indian Army”.People have chosen to follow the path of development and has been actively participating in large numbers in all government and Indian Army-run initiatives, it said.The’ ‘whole-of-nation’ approach has resulted in “reduction in violence levels, scaled down protests and zero incidents of stone pelting”.

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Ukraine marks its fourth year New Year since Russia’s offensive. Wishing peace at the commencement of 2026, Ukrainians express the “hell” their life has become due to attacks and power cuts.Strikes on energy grids in Ukraine intensified during the winter of 2025, leaving over 2,600 residences without power in the sub-zero temperatures in the Kyiv region alone. AFP reported in the Kyiv suburb of Vyshhorod, a four-day blackout ended just in time before the new year. The residents shared how they wanted the war to end “as soon as possible.”“What else can we wish for? At a time like this, nothing else comes to mind,” said Kostiantyn Biden, a local ceiling fitter. He shares that his building was left without power and water during the blackout.Strikes from Russia have pounded Ukraine almost daily. Drones and missile attacks have been falling on Russia’s neighbouring country since the full-scale invasion in February 2022.A local beauty salon staff in Vyshhorod shared the “hell” she is going through with her staff working in a shelter amid the power outages. Daria Lushchyk, the manager at the salon, shares that the clients are still coming in regardless of the unstable conditions.“Everyone has somehow adapted and understands that stopping is absolutely not an option,” she said. “Nothing can stop our Ukrainian girls from coming in and getting themselves glam,” she added, sharing the great spirit she had witnessed.She further goes on to share her wish for the New Year 2026, “Of course, peace,” she said, adding she does not find it wise to say wishes out loud, “or they might not come true.”Pensioner Neonila said Ukrainians had learned to live with recurring power outages, relying on candlelight and mobile phone flashlights. Yet, she admitted the New Year brought her little sense of celebration.“We’ll mark it quietly at home, without any extravagance,” she said.In Vyshgorod, authorities established so-called “resilience centres” during the blackout, allowing residents to charge their phones and access basic services.The town has also endured heavy bombardment. Longtime resident Ivan Oleksiiovych described the attacks to AFP as senseless, calling them “stupid.”Neonila said she was reluctant to make plans for 2026. She had few wishes for next year.“That there be light,” she said. “Everything else will follow.”Russia, however, has denied targeting civilians. It has called its invasion a “special military operation” aimed at preventing the expansion of NATO. Kyiv and its allies have called the war aim a lie.

The dust got settled after the IPL 2026 auction, and squads are now theoretically locked in. However, a cloud of uncertainty hangs over the Punjab Kings (PBKS) camp. The franchise, which made headlines by shattering records to acquire Shreyas Iyer for a colossal INR 26.75 crore in the IPL 2025 auction, now faces a potential nightmare: the unavailability of their captain and batting lynchpin.

Since the auction window is closed, the franchise must rely on the injury replacement protocol (signing unsold players) or the trading window to fill the void.

IPL 2026: 3 potential candidates Punjab Kings can target if Shreyas Iyer misses out

1) Mayank Agarwal

The most logical, albeit dramatic, solution to the Iyer problem is a reunion with former captain Mayank Agarwal. Having gone surprisingly unsold in the IPL 2026 auction – likely due to a high base price or a dip in T20 strike rate in the previous season – Agarwal remains one of the most experienced free agents available in the pool.

Agarwal’s recent domestic form for Karnataka has been a reminder of his class. In the 2025-26 Vijay Hazare Trophy, he amassed over 400 runs, showing he still possesses the hunger to dominate attacks. For PBKS, this makes perfect sense. Agarwal understands the franchise’s culture inside out. If Iyer is out, Punjab loses not just a batter, but a captain. Agarwal can seamlessly step into the leadership group (supporting a stand-in captain or taking the armband himself) and stabilize the top order. His ability to anchor the innings allows explosive batters like Prabhsimran Singh and Shashank Singh to play freely, mimicking the role Iyer was destined to play.

2) Yash Dhull

If the Punjab side is looking for a direct tactical swap – a right-handed No. 3 who can construct an innings – Yash Dhull is the standout candidate from the unsold list. The 2022 U-19 World Cup-winning captain has often been viewed as a red-ball specialist, which led to him being overlooked in the auction, but his recent white-ball evolution suggests he is ready for the big stage.

Also READ: IPL 2026 – 3 players RCB can sign to replace Tim David if he misses out

Dhull has looked sharp in the 2025-26 domestic season. During the Syed Mushtaq Ali Trophy, he played the role of the accumulator to perfection for Delhi. He has tightened his technique against pace and improved his rotation of strike against spin in the middle overs. Signing Dhull allows PBKS to maintain their batting structure. He can slot directly into the number 3 position, offering the stability required to prevent collapses – a recurring issue for the franchise. He is a low-risk, high-potential investment who is desperate to prove his critics wrong.

3) Abhinav Manohar

If the Punjab management decides that they cannot replace Iyer’s stability, they might choose to double down on aggression. Enter Abhinav Manohar. It was a shock to many when the clean-striking Karnataka batter went unsold, especially given the premium placed on Indian finishers.

PBKS often struggles with stagnation in the middle overs (7-15), a phase Iyer usually dominates through smart placement. Manohar dominates it through brute force. His ability to hit sixes from ball one makes him a dangerous asset against spin. His recent exploits in the Maharaja Trophy, where he scored at a strike rate nearing 170, prove he is in touch. Bringing him in would require a batting order shuffle – perhaps pushing an all-rounder up to No. 3 – but it would give Punjab a terrifying lower-middle order. A finishing duo of Abhinav Manohar and Marcus Stoinis could potentially win matches from impossible situations, mitigating the loss of their captain’s volume of runs with sheer impact.

Also READ: IPL 2026 – 3 players RCB can sign to replace Josh Hazlewood if he misses out