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UAE and India sign 35 billion rupees currency swap agreement

Reuters  |  ABU DHABI 

ABU DHABI (Reuters) - 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 ...

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First Published: Tue, December 04 2018. 21:36 IST
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