Morning News from India - October 18, 2018

Markets & Economy

  • Indian markets closed, Asian stocks capped (Economic Times)
  • US says could remove India from currency monitoring list (

    India’s circumstances have shifted markedly, as the central bank’s net sales of foreign exchange over the first six months of 2018 led net purchases over the four quarters through June 2018 to fall to $4 billion, or 0.2 percent of GDP. This represented a notable change from 2017, when purchases over the first three quarters of the year pushed net purchases of foreign exchange above 2 percent of GDP. Recent sales have come amidst a turnaround in foreign portfolio flows, as foreign investors pulled portfolio capital out of India (and many other emerging markets) over the first half of the year. The rupee depreciated by around 7 percent against the dollar and by more than 4 percent on a real effective basis in the first half of 2018. India has a significant bilateral goods trade surplus with the United States, totaling $23 billion over the four quarters through June 2018, but India’s current account is in deficit at 1.9 percent of GDP. As a result, India now only meets one of the three criteria from the 2015 Act. If this remains the case at the time of its next Report, Treasury would remove India from the Monitoring List.

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