Nepal goes to polls in first general election since govt-toppling Gen Z protests last year
Kathmandu (PTI): Nepalese citizens on Thursday morning started to reach polling booths in all 165 constituencies amid tight security to cast their vote in the crucial general election, the first since a violent Gen Z protest that toppled the K P Sharma Oli-led government last year.
More than 18.9 million eligible Nepalese will be exercising their franchise to elect the 275-member House of Representatives from among the 3,406 candidates vying for 165 seats under direct voting, and 3,135 candidates vying for 110 seats through proportionate voting.
The voting started at 7 am and will conclude at 5 pm. The counting will start immediately after the ballot boxes are collected.
"Voting started in all the constituencies, including the southern plains, hilly area and the mountain region at 7 am," Election Commission spokesperson Narayan Prasad Bhattarai said.
“The election started in a peaceful environment across the country,” he added.
Addressing a press meet here on the eve of the polls, Acting Election Commissioner Ram Prasad Bhandari on Wednesday had said that all preparations for the election had been completed and urged voters to participate actively and enthusiastically in the democratic exercise.
In Kathmandu, the weather was fine, sky was clear and people were enthusiastically queuing up to cast their votes.
The Gen Z youth, through their two-day intensified protests on September 8 and 9, ousted Prime Minister Oli, chair of the Communist Party of Nepal (Unified Marxist–Leninist) -- CPN-UML -- who was heading a coalition government with the backing of Nepali Congress that enjoyed nearly two-thirds majority support.
After Oli's ouster, President Ramchandra Paudel dissolved the House of Representatives on September 12 and appointed Sushila Karki as the caretaker PM.
The major issues raised by Gen Z are anti-corruption, good governance, an end to nepotism, generational change in political leadership, etc.
Starting Wednesday, Nepal has declared a three-day holiday for the polls.
There are a total of 10,967 polling booths and 23,112 polling centres, the Election Commission data showed. As many as 65 political parties are taking part in the election.
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Rupee settles 1 paisa higher to close at 94.15 against US dollar
Mumbai (PTI): The rupee settled with gains of just one paisa to close at 94.15 against the US dollar on Monday, as rising global uncertainty, escalating tensions in West Asia and soaring crude oil prices weighed on investor sentiments.
Forex traders said the INR/USD pair pared its initial losses, but the overall bias remains negative as FII sell-off and elevated crude oil prices restricted the gains for the local unit.
At the interbank foreign exchange market, the rupee opened at 94.25 against the US dollar, and touched an intraday high of 94.11 and a low of 94.28 against the greenback during the day.
At the end of Monday's trading session, the rupee was quoted at 94.15, registering a gain of just 1 paisa over its previous close.
On Friday, the rupee extended its losing streak for the fifth day in a row, depreciating 15 paise to close at 94.16 against the US dollar.
"The rupee snapped a five-session losing streak, rebounding in tandem with a rally across regional currencies. However, the mood remains apprehensive as the market braces for a potential RBI intervention around 94.30 and higher crude oil prices," said Dilip Parmar – Senior Research Analyst, HDFC Securities.
On the charts, the USDINR pair has reclaimed its upward momentum, carving out a classic bullish structure of higher highs and lows on the daily time frame, he said, adding that for the coming sessions, 93.80 serves as a support, with 94.40 acting as the primary hurdle.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.21 per cent at 98.32.
Brent crude, the global oil benchmark, was trading higher by 2.36 per cent at USD 107.82 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 639.42 points to settle at 77,303.63, while the Nifty surged 194.75 points to 24,092.70.
Foreign Institutional Investors offloaded equities worth Rs 1,151.48 crore on Monday, according to exchange data.
Meanwhile, India's forex reserves jumped by USD 2.362 billion to USD 703.308 billion during the week ended April 17, the Reserve Bank of India (RBI) said on Friday.
In the previous reporting week, the forex kitty had increased by USD 3.825 billion to USD 700.946 billion.
