India sees no logic in US putting it on currency watchlist

Last week, the U.S. Treasury Department put India along with 10 other economies including Singapore, Thailand and Mexico on the "Monitoring List" that it said required close attention to their currency practices.

India does not see any logic in the United States putting it on a monitoring list of currency manipulators, a trade ministry official said on Tuesday. "I don't understand any economic logic," Anup Wadhawan, India's commerce secretary told reporters. The Reserve Bank of India is following a policy that allows currency movements based on market forces, he said. Last week, the U.S. Treasury Department put India along with 10 other economies including Singapore, Thailand and Mexico on the "Monitoring List" that it said required close attention to their currency practices.