India provides rupees 366 million grant for embankments

Kathmandu: India today provided 366.72 million Nepalese Rupees for construction of embankments along three major rivers in southern Nepal to check flooding in the downstream adjoining areas of states like Bihar.

Ambassador Ranjit Rae handed over the cheque to Nepal’s minister of irrigation, Narayan Prakash Saud. It comes as part of India’s share towards embankment building along Lalbakeya, Bagmati and Kamla rivers.

“India remains committed to continue working closely with Nepal for further cooperation in the field of Water Resources, including the River Training works on other rivers,” a press release issued by the Embassy of India here said.

The contribution was in pursuance of decisions taken at the 8th Meeting of India-Nepal Joint Committee on Inundation and Flood Management (JCIFM).

With this assistance, the total grant already disbursed for embankment construction along these rivers, stands at NRs 3,284.4 million.

Earlier, NRs 374.68 million were disbursed in December 2013, NRs 256.947 million in January 2013; NRS 97.71 million in July 2012; NRs 345.73 million in October 2011; NRs 545.35 million in March 2011; NRs 599.78 million in 2010; NRs 531.5 million in 2009, and NRs 165.5 million in 2008.

“A militant attack on one of the oil refineries in Iraq led to concerns regarding crude supply disruptions. India being one of the largest oil importers is especially vulnerable to such shocks. Immediate impact was seen in stocks and rupee,” said Abhishek Goenka, Founder & CEO, India Forex Advisors.

Meanwhile, the premium for forward dollar closed steady to weak on stray receipts by exporters.

The benchmark six-month premium payable in November eased to 222.5-224.5 paise from 224-226 paise previously.

However, far-forward contracts maturing in May, 2015 closed at its overnight level of 460-462 paise.

The Reserve Bank of India fixed the reference rate for
dollar at 60.1240 and for the euro at 81.4310.

The rupee fell back sharply against the pound to 102.33 from yesterday’s close of 101.19 and turned negative to end at 81.93 per euro from 81.45. It declined to 59.09 per 100 Japanese yen from 58.85.

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