GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

UAE and India Sign 35 Billion Rupees Currency Swap Agreement

"The bilateral currency swap agreement between India and the UAE is expected to reduce the dependency on hard currencies like the U.S dollar," the statement said, adding that the two central banks had agreed the deal.

Reuters

Updated:December 5, 2018, 8:42 AM IST
facebookTwittergoogleskypewhatsapp
UAE and India Sign 35 Billion Rupees Currency Swap Agreement
Representative image.
Loading...
Abu Dhabi: India and the United Arab Emirates on Tuesday signed a currency swap agreement to boost investment and enable direct trade without using dollars or other international currencies.

The swap is for 2 billion dirhams or 35 billion Indian rupees ($496 million), depending on which central bank requests the amount, an Indian embassy statement said.

"The bilateral currency swap agreement between India and the UAE is expected to reduce the dependency on hard currencies like the U.S dollar," the statement said, adding that the two central banks had agreed the deal.

While giving a push to the two local currencies, the swap deal would also reduce the transmission costs arising from exchange rate risks, it added.

The agreement was signed after the 12th India-UAE joint commission meeting co-chaired by India's External Affairs minister, Sushma Swaraj and the UAE's Foreign Minister, Sheikh Abdulla bin Zayed al Nahyan in Abu Dhabi.

Bilateral trade between the two countries stood at around $52 billion in 2017, according to figures from the Indian embassy in the UAE. In 2015, China's central bank extended a currency swap agreement with the UAE Central bank worth $5.54 billion.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results