Washington: India has been removed from currency monitoring list of major trading by the US Treasury Department of Donald Trump administration because country has made improvements and developments.
India was placed for the first time by the US in its currency monitoring list of countries according to report in October 2018, the Treasury had said that India has made improvements and its name have been removed from the currency manipulation list in the next report.
Along with India other nation such as Switzerland has been removed by the US from its currency monitoring list which among others include China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam.
In latest semi-annual report on Macro Economic and Foreign Exchange policies of major trading partners of the US sent to the Congress the Treasury department said, “India has been removed from the monitoring list in this report, having met only one out of three criteria-a significant bilateral surplus with the US-for two consecutive reports.”
Further adding to this he said, “Neither Switzerland nor India met the criteria for having engaged in persistent, one-sided intervention in either the October 2018 report or this report. Both Switzerland and India have been removed from the monitoring list,” along it’s report running into over 40 pages.
US ditches Indian currency money from monitoring list of trading:
With new names on the list who added are Italy and Ireland from European Union (EU) and three Southeast Asian countries-Singapore, Malaysia and Vietnam.
The Department’s Currency which published report on May 28 says even 2 out of 3 measures for currency manipulation were tightened US again decided not to label China or any other country as a currency manipulator.
In report Philip Wee, forex strategist at DBS Group Research said, “Washington’s restraint in not labeling China a currency manipulator was a relief.
Unfortunately, this would not be enough to offset the China-US trade tensions weighing on currencies.”
Meanwhile, Indian currency on Tuesday opened at 69.75 against the dollar, weaker than 69.6850 on close.
