The United States Department of Treasury on Friday removed India from its Currency Monitoring List after two years, PTI reported.
The US government maintains a list of countries which it suspects might be engaging in “unfair currency practices” by deliberately devaluing them against the dollar. Washington keeps a closer look on the currency practices and macroeconomic policies of these countries.
Italy, Mexico, Thailand and Vietnam have also been removed from the list. Currently seven economies are on the list – China, Japan, Korea, Germany, Malaysia, Singapore and Taiwan, the Department of Treasury said in its biannual report to the US Congress, according to PTI.
In the report, Treasury Secretary Janet Yellen said that global inflation and increasing food insecurity, which were already high due to the disruptions caused by the coronavirus pandemic, had elevated further due to the Ukraine crisis.
Meanwhile, on Friday, Yellen also met Finance Minister Nirmala Sitharaman in New Delhi. A delegation of major Indian companies and US firms operating in the country also held a discussion.
“Increased economic integration with trusted partners like India mitigates geopolitical risk and will help strengthen our supply chains,” Yellen wrote in a tweet.
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