CM Siddaramaiah requests Railway Minister to extend Vande Bharat Express till Belagavi
Bengaluru (PTI): Chief Minister Siddaramaiah on Tuesday urged Railway Minister Ashwini Vaishnaw to extend the Vande Bharat Express running on the Bengaluru-Hubballi-Dharwad route upto Belagavi city, in order to boost the connectivity between Karnataka, Goa and Maharashtra.
In a letter to Vaishnaw, Siddaramaiah said the second Vande Bharat Express in Karnataka "brought a paradigm shift in the connectivity of the region, between Dharwad, Hubballi, and Davangere with Bengaluru".
He noted that Belagavi was a significant vantage point for industrialists, students and tourists.
Calling Belagavi as an 'economically vibrant' district, he said it houses sugar, aluminum and major industries and also a support base for automobile and aerospace industries apart from several small and medium industries.
The CM pointed out that Belagavi was also a tourist destination with a rich cultural and historical background.
"I request you to extend the Bengaluru to Hubballi-Dharwad Vande Bharat train service upto Belagavi city. This will significantly boost the connectivity between the states of Karnataka, Goa and Maharashtra," he said.
Siddaramaiah reminded the railway minister that Karnataka MLC Prakash Hukkeri had also written to him in this regard.
"I would urge you to look into the matter and instruct the officials to do the needful. The spirit of holistic development of the region will be upheld in letter and spirit by this move," the CM said.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
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.
