March 13, 2015 / 6:43 AM / 5 years ago

RBI, Sri Lankan central bank enter $1.5 bln currency swaps

India's Prime Minister Narendra Modi (L) talks to Sri Lanka's President Maithripala Sirisena at the Presidential Secretariat in Colombo March 13, 2015. REUTERS/Dinuka Liyanawatte

COLOMBO (Reuters) - The Reserve Bank of India has entered a $1.5 billion currency swap agreement with the central bank of Sri Lanka, Prime Minister Narendra Modi said on Friday after meeting Sri Lankan leader Maithripala Sirisena.

“This will help keep the Sri Lankan rupee stable,” Modi told reporters.

Sri Lanka rupee has been under pressure since early January and fallen around 1.5 percent so far this year despite the central bank defended it with selling dollars.

Reporting by Shihar Aneez and Ranga Sirilal; Editing by Douglas Busvine

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