Nepal, China sign 12 agreements during PM Prachanda's visit to Beijing
Beijing/Kathmandu (PTI): China and Nepal on Monday signed 12 agreements, including seven MoUs, to enhance bilateral cooperation in sectors including trade, road connectivity, and information technology after Premier Li Qiang and Prime Minister Pushpa Kamal Dahal "Prachanda" held wide-ranging talks in Beijing.
During the meeting, the two leaders comprehensively reviewed the bilateral relations and expressed satisfaction over the close and cordial ties subsisting between the two countries, according to a press release issued by the Nepal embassy in Beijing.
The two sides exchanged views on the ways to further strengthen and consolidate the mutual understanding and cooperation and give a new impetus in the front of economy, trade and people-to-people contacts, it said, two days after Chinese President Xi Jinping held talks with Prachanda in Hangzhou on the sidelines of the Asian Games being held in the eastern Chinese city.
Prachanda, who politically distanced from the pro-China Communist Party of Nepal (Unified Marxist-Leninist) headed by KP Oli after becoming Prime Minister in December last year, made his maiden visit to China after visiting India and the US.
Following the official bilateral talks, 12 agreements were signed between the two countries, the Nepalese embassy said.
The agreements include an MoU for Cooperation between The National Planning Commission of Nepal and China's National Development and Reform Commission; an MoU on enhancing digital economy co-operation; an MoU related to cooperation on green and low-carbon development; and an MoU on cooperation in the field of agriculture, livestock and fisheries, the release said.
The two sides also signed a Memorandum of Understanding (MoU) on the establishment of a Joint Technical Working Group for the review and modification of the Nepal-China trade and payment agreement.
They also signed a protocol of phytosanitary requirements for the export of plant-derived medicinal materials for Chinese medicine from Nepal to China.
China and Nepal also signed MoUs on the Hilsa-Simkot Road Project and the Nepal-China Power Grid Interconnection Project (Chilime-Kerung).
The other agreements include cooperation in the fields of science, technology and innovation; and in the field of Human Resources Development, the release said.
Prachanda also met with National People's Congress Chairman Zhao Leji during which they focused on further broadening the historical ties between Nepal and China and promoting exchange of high-level visits, it said.
On Saturday, Prime Minister Prachanda met Chinese President Xi.
"Had a fruitful meeting with Xi Jinping, President of PR China. We exchanged views on a range of issues of bilateral relations and cooperation in our mutual interests. We agreed to collaborate closely and advance Nepal-China relations to strengthen ever-lasting friendship," Prachanda said in a post on platform X after the meeting.
Prachanda has directly flown to China from New York, where he addressed the 78th General Assembly of the United Nations.
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Rupee hits record intra-day low in early trade, falls 12 paise to 92.37 against US dollar
Mumbai (PTI): The rupee slumped 12 paise to its record low of 92.37 against the US dollar in early trade on Friday as global crude oil prices showed no signs of easing amid the ongoing West Asian conflict.
A stronger greenback, heavy FII selling and weak sentiments in the domestic equity markets further weighed on the rupee, according to forex traders.
At the interbank foreign exchange, the local unit opened at 92.33 and slipped further to hit its record intra-day low of 92.37 against the US dollar, down 12 paise from its previous close.
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The rupee touched a fresh intra-day low of 92.36 on Thursday and closed the session 24 paise down at its lowest level of 92.25 against the US dollar.
"Oil prices remained elevated after Iran said the Strait of Hormuz is closed permanently till the resolution of the crisis. The dollar index also rose, European and Asian currencies all fell against the dollar," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
The rupee has remained vulnerable and in the absence of the RBI could have reached 93.00 levels, he added.
The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent higher at 99.77.
Brent crude, the global oil benchmark, was trading higher by 4.99 per cent at USD 96.57 per barrel in futures trade.
On the domestic equity market front, the Sensex plunged 560.06 points, or 0.74 per cent, to 75,474.36, while the Nifty tanked 184.45 points, or 0.78 per cent, to 23,454.70.
Foreign institutional investors sold equities worth Rs 7,049.87 crore on a net basis on Thursday, according to exchange data.
Meanwhile, retail inflation moved up to 3.21 per cent in February compared to 2.74 per cent in the preceding month, driven mainly by higher food prices, government data released on Thursday showed.
