No choice but to build reserves despite US monitoring list : RBI Governor

The US Treasury in December included India in the currency manipulator watchlist with nine others for one-sided intervention preventing rupee appreciation

Emerging markets economies (EMEs) such as India will have to build reserves to mitigate spillovers of loose monitoring policies pursued by developed nations, even at the risk of being labelled currency manipulator by the US government, Reserve Bank of India (RBI) governor Shaktikanta Das on Saturday said.  
 

“Under (an) uncertain global economic environment, EMEs typically remain at the receiving end. In order to mitigate global spillovers, they have no recourse but to build their own forex reserve buffers, even at the cost of being included in currency manipulators list or monitoring list of the US Treasury,” governor Das said while