Udupi MLA Yashpal Suvarna blocking traffic signal project, alleges Raghupathi Bhat
Udupi: Former MLA Raghupathi Bhat has leveled serious allegations against Udupi MLA Yashpal Suvarna, accusing him of blocking the implementation of a traffic signal project at Kalsanka Junction, a key traffic point in the city.
Speaking at a press conference on Wednesday, Bhat stated that a tender for installing traffic signals had been approved during his tenure, but Suvarna halted the work, allegedly scolding the contractor to stop the project.
"The closure of Kalsanka Junction for traffic control is unscientific and has caused significant inconvenience to the public. The project to install a traffic signal must be implemented immediately," Bhat demanded. He argued that a flyover solution proposed by some would negatively affect commercial activities on the Kalsanka-Manipal road, emphasizing the need for public consultation and thorough discussions before making a final decision.
Bhat outlined his earlier initiatives, which included proposing a 70-meter roundabout without signals at Kalsanka Junction and Bannanje Circle to alleviate congestion. He urged MPs to advocate for the inclusion of this proposal in the upcoming Union Budget.
The former MLA criticized current traffic management strategies, stating that road closures and divider installations are temporary fixes that only exacerbate public inconvenience. He insisted that installing traffic signals would be a more sustainable and immediate solution to traffic woes.
Additionally, Bhat urged the relocation of the existing jail from the old taluk office land earmarked for a new Udupi Municipal Corporation building. He requested the Deputy Commissioner to transfer the one-acre plot reserved for the deputy commissioners' office and residence to the municipal corporation at no cost to maximize space for public infrastructure development.
Former municipal council member Mahesh Thakur accompanied Bhat at the press conference.
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Rupee strengthens past 90/USD level in early trade
Mumbai (PTI): The rupee appreciated 24 paise to 89.96 against the US dollar in early trade on Friday, supported by corporate dollar inflows and easing crude oil prices.
Forex traders said the gain in the USD/INR pair follows the rupee’s string of record lows in recent weeks on likely intervention from the Reserve Bank of India.
Moreover, crude oil prices hovering around USD 59 per barrel level supported market sentiment.
ALSO READ:Rupee trades in narrow range against US dollar in early trade
At the interbank foreign exchange market, the rupee opened at 90.19 against the US dollar, then gained some ground and touched 89.96 against the US dollar, registering a gain of 24 paise over its previous close.
In initial trade it also touched 90.22 against the American currency. On Thursday, the rupee appreciated 18 paise against the US dollar to close at 90.20 against the greenback.
The rupee sank to a fresh record low, breaching the 91-a-dollar mark for the first time on Tuesday.
"Since the speculators are out of the market the buying of US dollar syndrome has come down a bit though intra-day we could see spikes," said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
The US CPI came lower than expected but was also due to non-collection of sufficient data and therefore, the next month’s CPI becomes more important, Bhansali said, adding that "Rupee remains in a range of 90-90.50".
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent higher at 98.46.
Brent crude, the global oil benchmark, was trading lower by 0.27 per cent at USD 59.66 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex climbed 375.98 points to 84,857.79, while the Nifty was up 110.60 points to 25,934.15.
Foreign Institutional Investors purchased equities worth Rs 595.78 crore on Thursday, according to exchange data.
Meanwhile, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal on Thursday said he is not concerned about the rupee at all, arguing that even China and Japan witnessed exchange rate weaknesses during their high growth phases.
Speaking at 'Times Network's India Economic Conclave 2025', Sanyal said since the 90s, the rupee has mostly been allowed to find its own level, but the RBI uses its reserves to intervene in either direction to stop excessive volatility.
"I am not concerned about the rupee at all... Let me say that the rupee and its current weakness should not be necessarily conflated with some economic worry, because historically, if you go over time, you will see that economies that are in their high growth phase very often go through a phase of exchange rate weakness," he said.
