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India, Japan sign $75-billion currency swap agreement
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India and Japan on Monday entered into a $75-billion bilateral currency swap pact. This move was aimed at improving confidence in the country’s foreign exchange and capital markets. The announcement was made after the annual summit meeting between Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe in Tokyo.
This is one of the largest currency swap agreements that would enable the two major Asian economies to swap their local currencies – either Indian rupee or the Japanese yen against the US$ up to 75 billion. India had entered into currency swap pacts with Japan for lesser amounts in the past.
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