India and Japan agree to $15 bln currency swap - official

[Bl[i]tZ]

Japan's Prime Minister Yoshihiko Noda attends a business conference in New Delhi December 28, 2011.
Credit: Reuters/B Mathur

(Reuters) - India and Japan have agreed to a $15 billion currency swap line, a Japanese official in Delhi said on Wednesday, in a positive move for the troubled Indian rupee, Asia's worst performing currency this year.

The two countries previously had a $3 billion swap arrangement that expired in June, said the official, speaking on condition of anonymity.

Japanese Prime Minister Yoshihiko Noda was visiting his Indian counterpart and was due to address a joint press conference later on Wednesday.

The currency swaps are expected to support the Indian rupee as it continues to weaken against the greenback and Europe's sovereign debt crisis hits India's exports.


The dollar-swap arrangement with India follows a similar agreement with South Korea in October.

(Additional reporting by Annie Banerji and Mayank Bhardwaj; Editing by Ranjit Gangadharan and Richard Borsuk)

India and Japan agree to $15 bln currency swap - official | Reuters

 

[RoYaL~GuJJaR]

Good News!

 

[Big Boss]

Japan is investing tens of billions into the infrastructure in India.

Long live India-Japan friendship.

 

[Bhairava]

Japan is investing tens of billions into the infrastructure in India.

Long live India-Japan friendship.

Partnership.

 

[sss112]

Good Going.........
Good job by the govt and MEA........

 

[rai_kamal]

Partnership.

I think v r also doing joint naval exercise, both countries r sharing some of the same problem areas so friendship will probably be the best word to use it here..