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Modi's party makes surprise comeback in India's richest state

07:47 PM | 23 Nov, 2019
Modi's party makes surprise comeback in India's richest state

MUMBAI – Indian Prime Minister Narendra Modi's party made an unexpected comeback to power Saturday in wealthy Maharashtra state, home to the country's financial capital, after prolonged backroom negotiations saw presidential rule lifted after days of uncertainty.

President Ram Nath Kovind imposed direct rule on India's richest state last week after fiercely fought elections last month led to weeks of haggling between parties over forming a government.

The state was previously ruled by Modi's Hindu nationalist Bharatiya Janata Party and its right-wing regional ally Shiv Sena.

But they failed to agree another power-sharing deal despite results showing the coalition had won a comfortable majority for a second consecutive term.

Shiv Sena quit the partnership, hoping to convince their ideological rivals, the centre-left Indian National Congress, and the Nationalist Congress Party (NCP) to form a government instead.

In the end though the BJP pulled off a major upset by joining hands with a top NCP leader to form a coalition, announcing the deal on Saturday.

"This bolsters the BJP and Modi's image in the state and the country," political commentator Nilanjan Mukhopadhyay told an international news agency.

"While there were some questions being raised about their loss of dominance following election results, this verdict will cement Modi and BJP's control in the state", he added.

The coalition still needs to prove its majority in the state legislature in a week's time in order to stay in power.

India has been battling an economic slowdown, and the imposition of presidential rule was a setback for Modi and for Mumbai, which is home to business tycoons, the stockmarket and the glitzy Bollywood film industry.

Under India's constitution, New Delhi can take direct control of a state in the absence of a local government and after obtaining consent from the president.

Associated Press of Pakistan Corporation (APPC) - Pakistan's Premier News Agency

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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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