INR posts steep gains to recover near 86/$ mark
The Indian rupee recovered from record low level and closed with a steep gain of 75 paise at 86.03 (provisional) against the US dollar as global crude oil prices went down following hopes of deescalation in Middle East tensions. Brent crude, the global oil benchmark, plummeted 3.6 per cent under USD 69 per barrel in futures trade as US President Donald Trump announced that Iran and Israel agreed to a ceasefire. A weak greenback and positive sentiments in the domestic equity markets further boosted the local unit.
The dollar index fell to a one-week low as risk sentiment improved after President Trumps announced that a ceasefire has been agreed upon between Iran and Israel, reducing appeal for the safe haven currency. Moreover, Fed Governor Bowman and Chicago Fed President Goolsbee said they favored a Fed rate cut at next months FOMC meeting weighing on the greenback. Meanwhile, Indian shares ended off their day's highs on Tuesday as Israel accused Iran of breaching the ceasefire, just hours after it was announced by U.S. President Donald Trump earlier. The benchmark 30-share BSE Sensex hit a high of 83,018 earlier before giving up much gains to end the session up 158.32 points, or 0.19 percent, at 82,055.11. The broader NSE Nifty index closed up 72.45 points, or 0.29 percent, at 25,044.35 after having surged to 25,317 earlier in the session. On the NSE, USDINR futures ended lower by 0.85% at 86.05.
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Economic Times
19 minutes ago
- Economic Times
Two-timing these 2-wheelers: Why Karnataka must take a quick U-turn on bike taxi bans
Rapido, India's largest bike taxi operator is headquartered in a commercial hub where traffic stands still most days. But then, that is Bangalore for you. The richest live in an exclusive conclave that has the poorest infrastructure all around. They employ hundreds of techies who design apps that deliver everything from staples to smart phones in 10 minutes, yet waste hours of their productive lives in daily commute. And now, the single largest employer in India's thriving gig economy --- 2x larger than deliveries and 10x of e-commerce – faces a state-wide ban since last week. Karnataka has banned bike taxi aggregators claiming private vehicles cannot indulge in commercial activities. The state's High Court in April and again this month, upheld the sarkari order declaring personal two-wheelers used for paid rides are illegal. These operators are plugging a crucial gap. Instead of punitive measures, the state must partner with them. That would make them in sync with 12 other states and Union Territories that have already drafted clear policies based on the broad guidelines of the Motor Vehicles Act, 1988, that permits two wheelers to be contract carriages. Realising its potential, even the Centre since 2020, has been nudging states to lay down their ground rules. While Opposition ruled states like West Bengal have been the most progressive, offering on-tap licenses for its proliferation, others like Maharashtra have adapted a framework based on New Delhi's rulebook. It's the state's job to provide infrastructure, transportation and public service deliveries. In Karnataka it has failed on all three. Bangalore is an urban quagmire. Even after a decade, the expansion of the Metro network has been abysmal. Taxpayers continue to bear the 53% cost escalation of just Phase II of Namma Metro. The delays have exacerbated traffic congestion in the city – 3rd most in the world as per Dutch location technology firm Tom Tom's 2024 Traffic Index -- as vehicular traffic have also galloped 56% in the same period. Instead of further clogging the choked arteries of our city roads that operate on an average of 4x capacity, bike taxis leverage the existing infrastructure in 300 plus Indian cities to make travel affordable, accessible and convenient. 95% of our 200 million 2-wheelers ply the roads with a single user. Private operators like Ola, Rapido, Quick Ride, Jugnoo or Uber have stepped in to 'sweat' those bikes more efficiently in the world's largest two wheeler market. It's a template borrowed from Asia and pockets of Africa and Latin America that have high population densities. In each of these markets, bike taxis have emerged as the primary choice of transport in metros and smaller centers. It's not just about absolute volumes. Often, they act as the crucial link between the first and last mile of public commute – the single biggest roadblock towards faster adoption of rapid urban transit systems. In cities like Chennai, Hyderabad, NCR or even Lucknow, metro adoptees hailing a bike taxi to start their journey from home to the nearest station or riding pillion once they come out of it to reach their final destinations has become the biggest use case. As Mumbai's metro roll out gathers steam, this trend will also play out in key junctions like Bandra Kurla Complex, where the station is in the middle of nowhere. In smaller cities, where options are even more limited and time bound, they are fast becoming the mainstay as work hours keep expanding while bus fleets aren't. Price wise, as the bridge between auto, taxis and buses, bike taxis have the perfect product market fit. 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Mint
28 minutes ago
- Mint
Trump Administration Restaffs National Security Council After Cutting Its Size
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Time of India
30 minutes ago
- Time of India
Brief shutdown of Gulf airspace triggers widespread anxiety
1 2 3 Pune: The brief closure of airspace by Qatar and the UAE, as Iran fired missiles at an American airbase in the Middle East on Monday, triggered severe unease among Indians who either have relatives in the Gulf or had imminent travel plans to countries there. On Tuesday, there were some signs of tensions easing between Iran, Israel and the United States. The countries that closed their airspace on June 23 have since reallowed flight operations One elderly resident of Mumbai said she hoped the peace would hold long enough for her son in Abu Dhabi to visit. NRI students studying in India — many currently back in their home countries in the Gulf — said they were anxious to make it back by the time Indian universities resumed classes. "We're extremely worried about more airspace closures, flight delays and even cancellations. It's really a stressful time," said a resident of Bahrain who is studying in Dehradun. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune Vivek Bangale, currently in Riyadh to visit his pregnant wife who works there, said the uncertainties triggered by the conflict made him feel helpless. He said: "We decided to have the delivery in Mumbai. My wife is due in September. Things may cool down by then, but I also have an elderly father who is alone at home. What if there's another round of fighting and I'm unable to make it back if he has an emergency?" Yash Gulati, founder and CEO of Inforens, an international mobility app, said the closures, even if brief, had stunned people. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2 & 3 BHK Homes Near Padur, OMR Starting @ ₹72.50 Lakh* TVS Emerald Undo He said: "It's not just delays. Air travel disruptions have the potential to disrupt lives and careers. Students were having panic attacks, over visa status, savings and university seats, which they have to report to on time. This is chaos they had never signed up for." Many in the Gulf said they were now postponing travel to India. Sameer Talnavi, who works at a bank in Dubai, said he was to visit family in Mumbai this month, but had now rescheduled to October. "The airspace closure on Monday was shocking. I don't want to jeopardise my family's safety," Talnavi said. Santosh Gupta, who runs Shree Vinayak Holidays in Pune, said the number of phone calls he received suggested worry. "Some travelling to Dubai had made last-minute plans so that they could fly at a moment's notice. They were affected," Gupta said. Karan Agarwal, director, Cox & Kings, also saw a spike in rescheduling and assistance requests, particularly from travellers affected by unscheduled layovers and extended delays. "While the situation is understandably frustrating, there's no need to panic. All airlines are actively supporting passengers with refunds, rerouting and even accommodation if necessary," Agarwal said.
