How many times currency swap agreement with uae india?
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The currency swap deal between India and the UAE will enhance and strengthen trade relations between the two countries and reduce India's dependency on currencies like US dolllars.
“These agreements and upcoming agreements in many areas will enhance and strengthen trade relationship with India,” said Juma Mohammad Al Kait, assistant undersecretary for foreign trade affairs in the UAE’s Ministry of Economy, reported the Gulf News.
India and the UAE signed currency swap agreement on Tuesday to boost trade and economic relations between the two countries.
The agreement is expected to reduce the dependency on hard currencies like US dollar and give a push for the local currencies of the two nations. It will also reduce the impact of volatility in exchange rate arising from the dependency on a third currency, Indian embassy said in a statement.
The swap is for an amount of Dh2 billion or Rs35 billion, depending on the central bank which is requesting the amount.