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US could remove India from currency monitoring list

US could remove India from currency monitoring list

The US could remove India from its currency monitoring list of major trading partners, the Treasury department has said, citing certain developments and steps being taken by New Delhi which address some of its major concerns.

India for the first time was placed by the US in its currency monitoring list of countries with potentially questionable foreign exchange policies in April along with five other countries – China, Germany, Japan, South Korea and Switzerland.

The Department of Treasury maintained the same monitoring list in its latest report released on Wednesday but said if India continues with the same practices as in the last six months, it would be removed from its next bi-annual report.

“India’s circumstances have shifted markedly, as the central bank’s net sales of foreign exchange over the first six months of 2018 led net purchases over the four quarters through June 2018 to fall to USD 4 billion, or 0.2 per cent of the GDP,” the Treasury said in its latest semi-annual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the US. (PTI)

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Tags: Currency Department of Treasury India USA