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Indian monopoly ends as Nepal gets access to Chinese ports for trade

03:49 PM | 9 Sep, 2018
Indian monopoly ends as Nepal gets access to Chinese ports for trade
KATHMANDU - China gave Nepal access to its ports for trade with China and beyond bringing an end to landlocked Himalayan nation's heavy dependence on Indian ports for global trade.

Kathmandu and Beijing finalized a transit protocol giving final shape to the framework treaty signed between the two countries when Nepal Prime Minister K P Oli visited China in March 2016 in the wake of economic blockade by India which left the country short of fuel and medicine for several months.

The deal has paved the way for Nepal, which had been relying on Indian ports as of now, to diversify its access to seaports and alternative routes for trade.

An official release said the formalization of the agreement allows the transit of goods from other countries to Nepal via all of China’s ports, including Tianjin, Shenzhen, Lianygang, Zhanziang and dryports that include Lhanzin, Lhasa and Shigatse.

https://en.dailypakistan.com.pk/world/nepal-army-will-not-join-bimstec-anti-terror-drill-in-india/

Overland trade to and from Nepal is now routed mainly through Kolkata which takes up to three months, officials said. New Delhi has also opened the southern port at Vishakhapatnam for Nepali trade.

The nearest Chinese port is also located more than 2,600 km from Nepal's border.

Beijing and Kathmandu are also in talks for building a railway link into Nepal, constructing an electric transmission line and are conducting a feasibility study for a free trade agreement.

 

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 25 Feb 2024 forex rates

Pakistani rupee remains stable against US dollar in the open market on February 25, 2024 (Sunday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 25 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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