RBI, Sri Lankan central bank enter Rs 9000 Crore currency swaps

Colombo: The Reserve bank of India (RBI) has entered a Rs 9000 Crore ($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.

Prime Minister Narendra Modi
Prime Minister Narendra Modi

“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.