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Ukraine is starting to consider a shift away from the U.S. dollar, possibly linking its currency more closely to the euro amid the splintering of global trade and its growing ties to Europe, Central Bank Gov. Andriy Pyshnyi said, Reuters reported.

Potential accession to the European Union, a "strengthening of the EU's role in ensuring our defense capabilities, greater volatility in global markets, and the probability of global-trade fragmentation," are forcing the central bank to review whether the euro should be the reference currency for Ukraine's hryvnia instead of the dollar, Pyshnyi said in emailed remarks.

"This work is complex and requires high-quality, versatile preparation," Pyshnyi added, in the most direct comments by a Ukrainian official on a possible shift.

The dollar dominates international trade and accounts for the majority of global reserves. Major economies including Saudi Arabia and Hong Kong peg their currencies to the dollar, according to Reuters.

There is an influence of the westerly and local winds in the country at present. 

According to the Meteorological Forecasting Division, there is a partial influence of the water vapor-rich air coming from the Bay of Bengal and the Arabian Sea. 

The weather will be partly to generally cloudy in the hilly region and fair in the rest of the country this afternoon, the Division forecasted. 

Light to moderate rain with thunder and lightning is likely to occur at some places of the hilly and mountainous regions of the country. There is a possibility of light snowfall in some places of the mountainous region. 

Similarly, the weather will be partly cloudy in the hilly region and fair in the rest of the country tonight. 

Light to moderate rain accompanied by thunder and lightning is likely to occur at one or two places of the hilly region. 

There are chances of light rain and snowfall at one or two places in the mountainous region. 

The US Federal Reserve left its benchmark interest rate constant at 4.25%-4.50%, citing inflation and employment risks associated with President Trump's recent tariffs.

The Fed observed a rise in imports ahead of the tariffs, but concluded it had no major impact on overall GDP. Tariffs imposed on China and other countries have caused market volatility, but execution will be delayed until July to allow for trade discussions, Reuters reported.

Despite low unemployment and stable inflation, early indicators suggest a possible economic slowdown. The Federal Reserve reaffirmed its independent role in regulating inflation and employment.

Nepal has intensified security measures in response to rising tensions between India and Pakistan, with particular focus on border areas, airports and other sensitive areas.

The tension surged following India’s ‘Operation Sindoor’ in which it airstroke on nine terrorist sites in Pakistan and Pakistan-controlled Kashmir on early Wednesday in a retaliatory action following the April 22 terrorist attack in Pahalgam, which killed 26 people including one Nepali citizen. 

The Indian army has said that artillery firing by Pakistan has led to the deaths of 15 civilians and injured 43 since Tuesday night. It said that the shelling hit civilian areas in Poonch and Tangdar in Indian-administered Kashmir. Pakistan has said 26 people have been killed in the air strikes and cross-border firing.

Amid concerns over regional instability, Nepal’s Armed Police Force (APF) has been placed on high alert, particularly along the open Nepal-India border, to prevent illegal cross-border movement. APF Deputy Spokesperson DSP Shailendra Thapa said 24-hour patrols have been deployed between border outposts, and joint surveillance and intelligence-sharing with India’s Sashastra Seema Bal (SSB) have been intensified.

Special directives have been issued to battalion commanders, and identity checks are being strictly enforced. The APF is also coordinating with Nepal Police, the National Investigation Department, local representatives and the public to monitor border activity and prevent unauthorized movement.

Meanwhile, the Secretariat meeting of the National Security Council, chaired by Prime Minister KP Sharma Oli, has decided to step up surveillance at Tribhuvan International Airport and other key entry points. Defense Secretary Rameshwar Dangal said the council assessed the potential impacts of the India-Pakistan conflict on Nepal and discussed enhancing internal preparedness, coordination and intelligence sharing. “The focus is on safeguarding national security and preparing for possible challenges,” he said in a press statement issued following the meeting of the Secretariat.

The safety of Nepali citizens in both India and Pakistan was also a key concern. The committee resolved to monitor their situation through diplomatic channels. During Wednesday’s parliamentary session, lawmakers expressed concern over the growing conflict and urged the government to protect the rights and welfare of Nepalis living abroad, especially in India and Pakistan. 

Internationally, the United Nations and several world leaders have called on both countries to exercise restraint and pursue dialogue to avoid a broader military conflict. A spokesperson for United Nations Secretary-General Antonio Guterres said he is “very concerned about the Indian military operations across the Line of Control and international border.” Stéphane Dujarric added: “He (The UN chief) calls for maximum military restraint from both countries. The world cannot afford a military confrontation between India and Pakistan.”

Asked about the Indian strikes, US President Donald Trump replied: “It’s a shame.” Speaking at the White House in Washington DC, he said that “we just heard about it just as we were walking in the doors of the Oval (Office).” “I just hope it ends very quickly,” Trump added. US Secretary of State Marco Rubio has said on X that he is monitoring the situation between India and Pakistan closely. He echoed the US president’s comments “that this hopefully ends quickly.” He also said that he would continue to engage with both Indian and Pakistani leadership “towards a peaceful resolution.”

The Chinese foreign ministry has called India’s military operation against Pakistan “regrettable”. In response to a question on escalating tensions between the South Asian rivals, the foreign ministry spokesperson said they were “concerned” about the ongoing situation and asked both countries to “remain calm, exercise restraint and refrain from taking actions that may further complicate the situation.”

Russia’s foreign ministry has said in a statement that it is “deeply concerned about the deepening military confrontation” between India and Pakistan. It has urged the countries to show restraint. “Russia strongly condemns acts of terrorism, opposes any of its manifestations and emphasizes the need to unite the efforts of the entire international community to effectively combat this evil,” the statement said. “It is hoped that the existing disagreements between Delhi and Islamabad can be resolved through peaceful means, with Russia advocating for a bilateral resolution,” it added.

UK Foreign Secretary David Lammy has said that current tensions between India and Pakistan are a “serious concern.” “The UK government is urging India and Pakistan to show restraint and engage in direct dialogue to find a swift, diplomatic path forward,” he said in a statement on Wednesday. Lammy said the UK had a close and unique relationship with both countries. “I have made clear to my counterparts in India and Pakistan that if this escalates further, nobody wins,” he said. “The UK was clear in its condemnation of the horrific terrorist attack in Pahalgam last month. We need all sides to work urgently to see regional stability restored and ensure protection of civilians,” he added.

Pakistan said it had rejected India’s claims of terrorist camps on its soil, reiterating that the allegations were baseless. “It would also be recalled that immediately after 22 April 2025, Pakistan made a sincere offer for a credible, transparent and neutral investigation, which unfortunately was not accepted,” the statement issued after Pakistan’s National Security Committee (NSC) meeting chaired by PM Shehbaz Sharif said. It added that international media visited the alleged “terrorist camps” on May 6 and more visits had been scheduled. However, without providing a shred of evidence about its claims, India had gone ahead and attacked “innocent civilians in order to satiate its... short-sighted political objectives,” the statement said.

With inputs from Agencies