Analysts at TDS note that the US Treasury added India to its Monitoring List as India breached two criteria including the FX intervention criteria.
“India's inclusion is significant and will have important repercussions for the country's stance on the INR going forward. FX buying will likely need to slow given that India could be at risk of potentially breaching all three Treasury criteria in its next report. Although the INR remains vulnerable over the near term in our view, reduced FX intervention implies more INR appreciation over the medium term.”
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