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India and UAE sign currency swap deal of Rs 3,500-Crore

NEW DELHI:  India and UAE signed a currency swap agreement to step up bilateral cooperation to boost investment and enable direct trade without using dollars or other international currencies. The swap is for 200 crore dirhams or Rs. 3,500 crore ($496 million), depending on which central bank requests the amount, an official statement said.

This is the 12th session of the India-UAE Joint Commission Meeting for Economic and Technical Cooperation. This is the 12th session of the India-UAE Joint Commission Meeting for Economic and Technical Cooperation. Bilateral trade between the two countries stood at around $52 billion in 2017.

Later in the evening, Swaraj interacted with the Indian community and appreciated their contribution in enhancing relations with the UAE.

This article was first published on http://www.wakeuppost.com.

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