$50 billion forex swap line with Japan effective Friday

A $50 billion swap line between Indian and Japan is effective from Friday, the Reserve Bank of India said.

The agreement, which will be valid till December 3, 2015, aims at addressing any short-term liquidity difficulties.

The swap line was initially at $15 billion and following the exchange rate crisis in the summer both the countries entered into a pact to expand the line.

Copyright: Thomson Reuters 2014