The US Treasury Department has named India in its currency manipulation watch list. The US looks at three criteria:

(1) Trade surplus of at least $20 billion with the US,

(2) Current account surplus of at least 3 percent of Gross Domestic Product (GDP),

(3) Net purchases of foreign currency of 2 percent of GDP over 12 months.

India meets the first and third conditions and is thus on the watch list, and not tagged as an outright manipulator. This is likely to dissuade RBI from making aggressive interventions in the forex market.​