Treasury Dept. lauds intervention data
India has been exemplary in publishing its foreign exchange market intervention, the U.S. Treasury Department said, adding that New Delhi should allow the exchange rate to move flexibly to reflect economic fundamentals.
“The (Indian) authorities should allow the exchange rate to move flexibly to reflect economic fundamentals, limit foreign exchange intervention to circumstances of disorderly market conditions, and refrain from further significant reserve accumulation,” it said.
“As the economic recovery progresses, the authorities should continue to pursue structural reforms that can help lift productivity and living standards, while supporting an inclusive and green recovery,” it said.
In its semi-annual report to Congress, the Treasury reviewed and assessed the policies of its major trading partners, comprising more than 80% of its foreign trade in goods and services, during the four quarters through June 2021.
According to the Treasury Department, India’s goods and services trade surplus with the U.S. was $40 billion over the four quarters through June 2021, a substantial increase from the relatively consistent level of about $30 billion from 2013 to 2019.
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