Japan, India Seal $15 Billion Currency Deal to Shore Up Rupee
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Japan agreed to make $15 billion available to India in a currency swap arrangement as Europe’s deepening debt crisis threatens to curtail developing Asia’s access to dollar funding.
Japanese Prime Minister Yoshihiko Noda renewed a bilateral swap agreement with Indian Prime Minister Manmohan Singh in New Delhi today. The two nations had signed a $3 billion accord in June 2008 that has since expired.