US treasury department removes India from currency monitoring list

15 Nov '22

1 min read

Pic: Shutterstock

The US treasury department has taken off India’s name from its currency monitoring list of major trading partners. It has also removed Mexico, Thailand, Italy and Vietnam from the list, it conveyed in its biannual report to Congress. Seven countries—Japan, China, Korea, Singapore, Germany, Malaysia and Taiwan—are now on its monitoring list.

The report was issued on the day treasury secretary Janet Yellen met Indian finance minister Nirmala Sitharaman in New Delhi.

Both leaders affirmed to solidify business-to-business bilateral links during the meeting, Indian media reported.

If a country appears on the US currency monitoring list, it is regarded as a ‘currency manipulator’—a designation that the US authorities give to countries that are said to engage in ‘unfair currency practices’ for trade benefits.

The development is expected to be positive for stock markets.

ALCHEMPro News Desk (DS)

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