US removes India from its currency monitoring list

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WASHINGTON: The US removed India from its currency monitoring list of major trading partners, citing steps being taken by New Delhi which addressed some of the Trump administration's major concerns.

 

"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 United States for two consecutive reports, the Treasury Department said in its latest semi-annual report on macroeconomic and foreign exchange policies of major trading partners of the US sent to the Congress.

Switzerland is the other nation that has been removed by the US.

"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," the Treasury said.

India for the first time was placed by the US in its currency monitoring list of countries with potentially questionable foreign exchange policies in May 2018 along with five other countries - China, Germany, Japan, South Korea and Switzerland.

In its next report in October 2018, the Treasury had said that India has made improvements and its name would be removed from the currency manipulation list in the next report.

With inputs from PTI

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