RBIâs dollar mopping spree could slow down as US puts India on currency watchlist
The US treasury has placed India under the currency manipulator watchlist. It says India intervened in the FX market in a sustained, asymmetric manner.
Manojit Saha 17 December, 2020 11:51 am IST Text Size:
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Mumbai: The US treasury departmentâs move to place India under the currency manipulator watchlist is likely to create additional headwinds for the Reserve Bank of India (RBI) to shore up the countryâs foreign exchange reserves, and also halt the rupeeâs sharp appreciation on the back of strong foreign fund inflow.
Taiwan put on US’ currency watchlist
WARNING NOTICE: A US Treasury report cited the nation’s ‘persistently’ large current account surplus and its foreign-exchange intervention in March as reasons for the move
Staff writer, with CNA, WASHINGTON
The US Department of the Treasury on Wednesday added Taiwan to a list of countries being monitored for currency manipulation, the first time the nation has made the list since 2017.
The department issued its semiannual report to the US Congress on the policies of the US’ top 20 trading partners, which said that Vietnam and Switzerland had met the criteria for being labeled currency manipulators.
India on US watch list for currency rigging As of June 2020, foreign currency reserves stood at $466 billion, equal to 4.4 times gross short term external debt
The outgoing Trump Administration today labelled Vietnam and Switzerland as currency manipulators and named India among 10 nations that have been placed on a monitoring list that will subject their currency practices and macroeconomic policies to close scrutiny by the US authorities and the International Monetary Fund.
The US Treasury report, titled Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States , accused Vietnam and Switzerland for the first time of improperly intervening in the foreign exchange markets and set the stage for a major confrontation with the two trading partners.
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US adds India, Thailand and Taiwan to currency manipulation watchlist
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This story is from December 16, 2020
US adds India, Thailand and Taiwan to currency manipulation watchlist
PTI / Updated: Dec 16, 2020, 22:48 IST
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It also branded Vietnam and Switzerland as currency manipulators.
Other countries in the monitoring list are Japan, South Korea, Germany, Italy, Singapore and Malaysia. Ireland has been removed from the Monitoring List, the US Department of Treasury said in its report Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States submitted to the Congress on Wednesday.
Over the four quarters through June 2020, four major US trading partners - Vietnam, Switzerland, India, and Singapore - intervened in the foreign exchange market in a sustained, asymmetric manner, it said.