India-UAE consider currency swap to combat low rupee value

Deal will allow repayments for loan in one currency to be made in equivalent value in another currency.

UAE Central Bank has signed an agreement with its Indian counterpart, the Reserve Bank of India (RBI), to enter into a Currency Swap Agreement, which is aimed at strengthening economic ties with the Asia’s second largest economy.

The Indian rupee sank to 18.69881 against the UAE dirham at 8.20am UAE time this morning ( February 17, 2016), making a lifetime low.

For more: Emirates 24/7

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