India, Maldives Sign $400 Million Currency Swap

India and the Maldives have strengthened their bilateral ties by signing a $400 million currency swap agreement aimed at addressing the Maldives' foreign exchange issues. During Maldivian President Mohamed Muizzu's state visit, Prime Minister Narendra Modi announced additional financial support of Rs 30 billion (approximately $360 million) and a rollover of $100 million in Treasury bills. The leaders also launched the RuPay card in the Maldives, inaugurated the upgraded runway at Hanimaadhoo International Airport, and discussed a potential Free Trade Agreement to enhance economic cooperation. Modi emphasized that the development partnership is a cornerstone of India-Maldives relations. The meeting marks a significant moment as Muizzu's administration previously leaned towards China, prompting concerns over India's influence in the region. Both leaders expressed commitment to maritime security and economic collaboration moving forward.