RBI, Sri Lankan central bank enter $1.5 bn currency swaps

Sri Lanka rupee has been under pressure since early January and fallen around 1.5 percent so far this year despite the central bank defended it with selling dollars.

March 13, 2015 / 15:17 IST

The Reserve bank of India has entered a USD 1.5 billion currency swap agreement with the central bank of Sri Lanka, Prime Minister Narendra Modi said on Friday after meeting Sri Lankan leader Maithripala Sirisena.

"This will help keep the Sri Lankan rupee stable," Modi told reporters.

Sri Lanka rupee has been under pressure since early January and fallen around 1.5 percent so far this year despite the central bank defended it with selling dollars.

first published: Mar 13, 2015 03:17 pm

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