April 25, 2018, 9:55 pm IST
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US put India on currency watch list

US put India on currency watch list

 Apr 14, 2018

The Trump administration has put India on a watch list of countries whose foreign exchange policies it says need monitoring to ensure "free, fair, and reciprocal" trade. The development, as reported by News Agency AFP, seems to be another blow to bilateral relationships shared by the two nations.

The US Treasury Department in a report to Congress said on Friday that foreign exchange policies of six countries were needed to be closely monitored and added India to the list of five countries -- China, Germany, Japan, South Korea, and Switzerland.

“The Treasury Department is working vigorously to ensure that trade is free, fair, and reciprocal so American workers and companies can compete and succeed globally.
We will continue to monitor and combat unfair currency practices while encouraging policies and reforms to address large trade imbalances,” said Treasury Secretary Steven Mnuchin.

The report said India, which has a $23 billion trade surplus with the US, "increased its purchases of foreign exchange over the first three quarters of 2017," although the rupee still rose in value.  (UNI)

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