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Japan to Help India Prop Up Rupee

India's Prime Minister Manmohan Singh (R) speaks during a joint news conference as his Japanese counterpart Yoshihiko Noda looks on after their meeting in New Delhi, December 28, 2011.

Japan has agreed to help provide some relief for India's troubled currency.

Officials say Japanese Prime Minister Yoshihiko Noda agreed to a $15-billion currency swap arrangement with New Delhi during a visit there Wednesday. The deal is expected to help stabilize the value of the Indian rupee, which has been losing value and is one of Asia's worst-performing currencies.

Japan's Kyodo news agency also says the two leaders agreed their countries would conduct joint naval exercises next year.

Noda is in India for two days of meetings with Indian officials.

Indian Prime Minister Manmohan Singh welcomed Noda earlier Wednesday with a colorful ceremonial reception at the majestic red sandstone presidential palace.

Prior to the meeting, Noda had said Japan was looking to strengthen relations with India in various fields, including economics and security

Some information for this report was provided by Reuters.