Big setback for India; US adds India to currency watch list with China
US Treasury said the "monitoring list" includes those "major trading partners that merit close attention to their currency practices." In addition to India, the semi-annual report to Congress names five countries that continue on the list from October: China, Germany, Japan, Korea and Switzerland. Countries remain on the list for two report cycles "to help ensure that any improvement in performance versus the criteria is durable and is not due to temporary factors"
The report said India, which has a USD 23 billion trade surplus with the United States, "increased its purchases of foreign exchange over the first three quarters of 2017," although the rupee still rose in value. Image source: Reuters