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Do not label India a ‘currency manipulator’, former RBI Governor Raghuram Rajan tells US Treasury

The American body had recently said it would keep a close eye on India’s foreign exchange and macroeconomic policies.

Former Reserve Bank of India Governor Raghuram Rajan said the United States Treasury should not label India a “currency manipulator”. On October 17, the US Treasury had said it would closely monitor India’s foreign exchange and macroeconomic policies.

“I do not suspect the treasury will do that [label India a currency manipulator], but it should not, even if it is thinking of it,” Rajan told CNBC in an interview. He is currently a professor at the University of Chicago Booth School of Business.

In its report, the US Treasury had said that over the first six months of 2017, there had been a notable increase in India’s net foreign exchange purchases, which had surged to 1.8% in 12 months till June, close to the 2%-limit, the report added.

India’s current account deficit in the quarter ending in June was $14.3 billion (More than Rs 92,000 crore), according to the RBI. Rajan said India’s current account deficit could be further affected if the price of oil rises, CNBC reported. “India needs to build reserves in order to protect against outflows. We cannot keep running to the IMF for help as a large country and politically, it is very difficult,” he added.

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