Seeking to improve bilateral cooperation, India and Japan on Wednesday tripled the limit for the currency swap arrangement to $50 billion.
The measure will further strengthen the bilateral financial cooperation between Japan and India, a finance ministry statement said. In December 2012, the two countries had entered into a bilateral currency swap arrangement for $15 billion.
This arrangement would help addressing possible short-term liquidity mismatches and supplement existing international financial arrangements. The two countries had a similar arrangement for $3 billion for three years from June 2008.