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The case is designed for classroom as well as boardroom use. The case discusses about the bilateral currency swap agreements used by the central banks across the world as a means to provide standby credit to various institutions in their respective domestic market. Such financial instrument maintained its supremacy during and after the Bretton Woods era, global financial crisis (2008), European debt crisis and most importantly during the Southeast Asian financial crisis (1997). According to financial experts, the global and regional financial crisis had transformed the currency swap agreements from just 'temporary measures of market intervention into more institutional arrangements'. In October 2018, India and Japan singed USD75 billion bilateral currency swap agreement. Such agreement came at the time when the Indian rupee had depreciated the most (almost 13%) against the US dollar compared to the other Asian currencies since January 2018. Such volatility was attributed to the international crude prices, rising interest rates in the US, trade war, protectionism and geopolitical concerns. In such situation, the agreement would improve the confidence of the foreign investors in India's capital market and foreign exchange reserves. At the same time, it would create positive impact on financing India's Current Account Deficit and lower down the cost of capital for Indian entities while accessing foreign capital market. Amidst such benefits, as a matter of fact, India had never used such arrangement since the signing of the first agreement with Japan in 2008.