India, Japan in $75bn currency swap pact, will start ‘2+2’ talks

The swap agreement will enable the agreed amount of foreign capital being available to India for use as and when the need arises. An official said that it is a strong signal to our financial and currency markets. In 2013, India and Japan had worked out another swap agreement, increasing it from $15 billion to $50 billion, when the rupee had been under stress.

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