New Delhi, June 30 (ANI): India and Japan on Monday concluded a bilateral arrangement for swapping of local currencies against the US dollar for up to three billion dollars.

The Bank of Japan and the Reserve Bank of India (RBI) signed the agreement for addressing the short-term liquidity difficulties and supplementing the existing international financial arrangements, the RBI said in a press release.

The move will also help in strengthening the ties between the countries.

The countries will have bi-annual consultations on economic and financial conditions with the swap arrangement in effect. (ANI)