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Core Viewpoint - India is facing a dual blow in the stock and currency markets, with the Indian Rupee hitting a historic low against the US Dollar, primarily due to external pressures including increased H-1B visa fees and high tariffs on Indian goods [1][4][5]. Currency and Stock Market Summary - On September 23, the Indian Rupee depreciated significantly, dropping to 88.8025 against the US Dollar, marking a nearly 1% decline since the previous Thursday [1][4]. - The SENSEX30 index also experienced a downturn, with a drop of 0.47% and 0.56% on the preceding Friday and Monday, respectively [2][4]. Impact of H-1B Visa Fee Increase - The US government's decision to raise H-1B visa fees to $100,000 annually is expected to negatively impact the profitability of India's IT sector and reduce foreign exchange earnings, further pressuring the Rupee [3][4][5]. - Approximately 71% to 72% of H-1B visas are issued to Indian nationals, making this change particularly impactful for India's tech industry [3][6]. External Economic Pressures - The increase in H-1B visa fees coincides with the US imposing a 50% tariff on Indian goods, which is the highest in Asia, exacerbating the challenges faced by Indian exports [5]. - Foreign investors have withdrawn over $15 billion from the Indian stock market since 2025, indicating a lack of confidence in the Indian economy [5]. Government Response and Domestic Economic Strategy - Indian Prime Minister Modi emphasized the need for self-reliance and reducing dependence on foreign countries, particularly in technology and manufacturing sectors [7]. - The recent implementation of a new Goods and Services Tax (GST) reform aims to simplify tax rates and potentially boost domestic savings and economic activity [8].