MUMBAI The Reserve Bank of India signed a currency swap agreement with Bank of Japan to swap their local currencies against the U.S. dollar for up to $15 billion, a statement said on Tuesday.
"The arrangement aims at addressing short-term liquidity difficulties and supplementing the existing international financial arrangements," the RBI said.
The bilateral swap arrangement is for a period of three years. The two countries had earlier signed a similar pact for up to $3 billion from June 2008 to June 2011. (Reporting by Neha Dasgupta; Editing by Anupama Dwivedi)
Trending On Reuters
IAF plane missing
Indian ships and aircraft searched on Saturday for an air force plane that went missing over the Bay of Bengal with 29 people on board the previous day, with no indication what happened to the aircraft or sign of wreckage, the defence ministry said. Full Article