Can't understand US move to put India on currency watchlist: Commerce secy

Anup Wadhawan asserts RBI is not accumulating reserves and its activity in forex market is 'perfectly balanced'

Days after the US once again put India on its currency manipulator watchlist, India’s commerce secretary Anup Wadhawan on Tuesday said the move is an intrusion of the policy space of the Reserve Bank of India (RBI).

“I personally don’t understand its rationale or economic logic,” Wadhwan said, adding that India’s central bank is not accumulating reserves and its activity in the foreign exchange market is ‘perfectly balanced’.

“These are in my view a legitimate market based operations of a central bank. It is a mandate of the central bank to provide stability in the currency, as a result of which central