Nine people including Indian arrested for looting departmental store in Kathmandu
Kathmandu (PTI): At least nine people, including an Indian national, were arrested for their involvement in looting various items from a departmental store during the pro-monarchy protest in Nepal, police said.
Ravi Ranjan Kumar, a resident of Patna in Bihar, was among those arrested for looting the Bhatbhateni Departmental Store during Friday's protest and vandalism.
The arrested people looted bottles of whiskey, fruits, beer, and make-up items from the store, a police official said.
The police have initiated necessary legal action against those arrested, said a statement issued by the Kathmandu Valley Crime Investigation Office.
During the pro-monarchy protest in Baneshwor-Tinkune area of Kathmandu, demonstrators pelted stones, attacked the office of a political party, set vehicles on fire and looted shops.
Two persons, including a TV cameraman, were killed and 110 others injured in the clashes between security personnel and the protesters, who were demanding the reinstatement of a Hindu monarch.
Meanwhile, the Kathmandu District Court granted judicial remand for five days to 41 people including the leaders of the pro-monarchy Rastriya Prajatantra Party (RPP) to investigate the vandalism.
The Kathmandu district police are charging 41 people, including RPP General Secretary Dhawal Shumsher Rana and Vice President Ravindra Mishra under the State Offense and Organised Crime Act, according to the police.
So far, 110 people have been arrested in connection with the violent protest.
The pro-monarchists have become active since democracy day in February when former monarch Gyanendra Shah said, “Time has come for us to assume responsibility to protect the country and bring about national unity.”
They organised rallies in Kathmandu and other parts of the country, demanding the reinstatement of the 240-year-old monarchy, abolished in 2008.
On Sunday, former vice-chancellor of Nepal Academy Jagman Gurung was appointed the Monarchy Reinstatement Movement Committee chief.
Gurung will take charge as the acting commander of the committee as staunch royalist Navaraj Subedi, the commander of the committee, has been put under house arrest following the violent demonstrations.
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Rupee rises 10 paise to 92.41/USD; faces risks from rising global tensions
Mumbai (PTI): The rupee appreciated 10 paise to 92.41 against the US dollar in early trade on Friday, even as the USD/INR pair faces risks from rising global tensions, especially the US-Iran conflict.
Forex traders said the rupee is likely to see high volatility intra-day as the deadline for RBI's instructions to banks to curb their overnight positions to USD 100 million closes today.
At the interbank foreign exchange market, the rupee opened at 92.58 against the US dollar, then gained ground to touch 92.41 against the US dollar in initial trade, registering a gain of 10 paise over its previous close.
On Thursday, the rupee settled with a marginal gain of 3 paise at 92.51 against the US dollar.
"An estimated 80–85 per cent of these positions have already been unwound, which means the bulk of this supportive flow is now behind us. In simple terms, the cushion that held the rupee steady is beginning to thin, and this is where the story starts to shift," CR Forex Advisors MD Amit Pabari said.
Pabari further noted that looking ahead, the picture for the rupee appears to be changing. "With most of the NOP-related support now fading and global uncertainties still elevated, the scope for further strength seems limited. USDINR is likely to find a base in the 92.20–92.50 zone, with a gradual move higher towards 93.50–94.00 levels," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was higher by 0.07 per cent at 98.69 as the safe-haven demand has come down after the ceasefire, but as the ceasefire is fragile, the US dollar is getting bids at lower levels.
Brent crude, the global oil benchmark, was trading higher by 0.51 per cent at USD 96.44 per barrel in futures trade, as the ongoing uncertainty over the Strait of Hormuz opening is keeping the oil trade well bid.
Pabari further noted that just as domestic support begins to fade, the global backdrop is turning uneasy again. "The World Bank has flagged that India's growth for FY27, expected at 6.6 per cent, faces risks from rising global tensions, especially the Iran conflict," he said.
According to Pabari, India continues to have strong buffers in the form of forex reserves and a stable banking system, but pressure points are slowly beginning to build.
On the domestic equity market front, the stock markets witnessed a rebound in early trade. The 30-share Sensex jumped 630.08 points to 77,261.73, while the Nifty climbed 203.6 points to 23,978.70.
Foreign Institutional Investors offloaded equities worth Rs 1,711.19 crore on Thursday, according to exchange data.
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