India and UAE sign â¹3,500 crore currency swap agreement
India and UAE on Tuesday signed a â¹3,500-crore currency swap agreement during External Affairs Minister Sushma Swaraj's Abu Dhabi visit. The agreement is expected to reduce the dependency on hard currencies like US dollar and reduce transmission costs arising from exchange rate risks, the Indian embassy said. The two nations also signed an agreement to undertake development projects in Africa.