Rupee recovers from lowest level, gains 9 paise to 91.90 against US dollar in early trade
Mumbai (PTI): The rupee recovered from its lowest level and gained 9 paise to trade at 91.90 against the American currency in early deals on Friday, supported by lower crude oil prices in the international market.
According to forex traders, a sharp recovery in the Indian currency was capped by a strong greenback and withdrawal of foreign funds from domestic equity markets.
At the interbank foreign exchange, the rupee opened at 91.89 and strengthened up to 91.87 against the greenback before trading at 91.90 in initial deals, up 9 paisa from its previous closing level.
The rupee ended on a flat note at its lowest level of 91.99 against the dollar on Thursday.
On January 23, the currency hit an all-time intraday low of 92 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.36 per cent higher at 96.48.
Analysts said the dollar index strengthened after the US Federal Reserve kept the interest rate unchanged at the conclusion of its first policy decision of 2026.
Brent crude, the global oil benchmark, was trading 1.50 per cent lower at USD 69.62 per barrel in futures trade.
On the domestic equity market front, Sensex declined 520.07 points or 0.63 per cent to 82,046.30 in early trade, while Nifty dropped 157.65 points or 0.62 per cent to 25,261.25.
Foreign institutional investors sold equities worth Rs 393.97 crore on Thursday, according to exchange data.
According to the Economic Survey, tabled in parliament on Thursday, the rupee is "punching below its weight" and "investor reluctance to commit funds to India warrants examination at a time when inflation is under control and the growth outlook is favourable".
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Karnataka Minister Reddy, Mohandas Pai spat over public transport
Bengaluru (PTI): Karnataka Transport Minister Ramalinga Reddy has defended the state-run public transport system and the government's 'Shakti' scheme amid a social media spat with IT industry veteran T V Mohandas Pai over the role of private operators, asserting that public transport is a right, not a luxury.
The sharp exchange began after former Chief Finance Officer of Infosys, Pai, alleged a shortage of buses and lack of public transport, while urging the minister to allow private buses to provide service.
"All we have got is shortage of buses and lack of public transport for last 3 years. (Earlier too) Please allow private buses to provide service," Pai alleged in a post on 'X' late on Thursday.
The IT industry veteran accused Reddy of having thoroughly failed to ensure adequate public transport because of his "dogmatic attitude" saying only PSY works.
"Why? People need public transport irrespective of who provides it," he said, tagging Deputy Chief Minister DK Shivakumar in his post.
Reacting to criticism, Reddy defended the state-run transport corporations and challenged Pai to a public debate.
"Mr. @TVMohandasPai, Our BMTC MD is enough to handle a face-to-face debate with you on any platform. Kindly come and discuss the facts with them directly. Are you ready to step up, or will you just keep tweeting?," he said in a post on 'X'.
The transport minister said that Pai's view is not just "biased, it is fundamentally dogmatic," arguing that, "You (Pai) look at a public service and see a balance sheet; I look at it and see 1.5 crore citizens."
Highlighting the state government's Shakti scheme, the minister claimed that, "We have crossed 650 crore+ free trips for women. This isn't just a "scheme"; it is the greatest mobility-led economic empowerment in India's history."
"The "Social Service" Balance: Unlike private players, we don't cherry-pick. 30 per cent of our routes operate at a loss to ensure a student and rural citizens in a remote village has a bus. 30 per cent operate at break-even. 40 per cent (long-distance) generate the profit that sustains the rest. 98 per cent of villages have bus connectivity across state. This is how you serve a society, not a board of directors," he added.
Reddy pointed out that Karnataka operates 26,054 buses; in Bengaluru alone, nearly 45 lakh commuters are served daily.
"With a fleet of 7,108 buses--including 1,686 electric buses--we cover over 13 lakh km and 66,000 trips every day, the highest in India. Show me a single BJP-ruled city or state, including Prime Minister Narendra Modi's home state of Gujarat, that matches this scale and efficiency," he said.
According to him, in just the last two years, 5,800 plus new buses have been inducted and by March 2026, another 2,000 plus buses will be on the roads.
"During the BJP tenure (2019-2023), when bus inductions were frozen and corporations were left to rot, why didn't you raise a single question? Why does your "corporate concern" only wake up when a pro-people government is performing," he alleged.
Reddy further claimed that private operators shut down the moment profits dip. How would that help a common man in Bengaluru who earns a daily wage?
"A private monopoly would be a crushing burden on the poor. Public transport is a right, not a luxury. Our PSUs are here to stay, to serve, and to lead Karnataka," he added.
