India's efforts to curb the rupee are getting harder


By Subhadip Sircar and Anirban Nag
Bloomberg News
Tuesday, October 24, 2017

India's currency management just got harder.

The U.S. Treasury said last week it will "closely monitor" the Reserve Bank of India's policies after a "notable increase in the scale and persistence" of dollar purchases. While Treasury refrained from adding India to its watch list for potential currency manipulators, it noted that foreign-exchange buying had risen to 1.8 percent of gross domestic product in the year through June, just below the Treasury's 2 percent red line.

The glare of this spotlight may hamper Governor Urjit Patel's freedom to curb sharp gains in the rupee. Losing the ability to intervene could prove costly though: an overvalued currency has been cited as keeping exports expensive, hurting competitiveness at a time when global demand is recovering. ...

... For the remainder of the report:


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