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US ditches Indian currency money from monitoring list of trading

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India, China, United States, America, India currency rupee, Money, Dollar, Donald Trump, Currency monitoring, Macro Economic and Foreign Exchange, Business news

Washington: India has been removed from currency monitoring list of major trading by the US Treasury Department of Donald Trump administration because country has made improvements and developments.

India was placed for the first time by the US in its currency monitoring list of countries according to report in October 2018, the Treasury had said that India has made improvements and its name have been removed from the currency manipulation list in the next report.

Along with India other nation such as Switzerland has been removed by the US from its currency monitoring list which among others include China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam.

 

India, China, United States, America, India currency rupee, Money, Dollar, Donald Trump, Currency monitoring, Macro Economic and Foreign Exchange, Business news

 

In latest semi-annual report on Macro Economic and Foreign Exchange policies of major trading partners of the US sent to the Congress the Treasury department said, “India has been removed from the monitoring list in this report, having met only one out of three criteria-a significant bilateral surplus with the US-for two consecutive reports.”

Further adding to this he said, “Neither Switzerland nor India met the criteria for having engaged in persistent, one-sided intervention in either the October 2018 report or this report. Both Switzerland and India have been removed from the monitoring list,” along it’s report running into over 40 pages.

 

US trumps Indian currency money from monitoring list of trading:

 

With new names on the list who added are Italy and Ireland from European Union (EU) and three Southeast Asian countries-Singapore, Malaysia and Vietnam.

The Department’s Currency which published report on May 28 says even 2 out of 3 measures for currency manipulation were tightened US again decided not to label China or any other country as a currency manipulator.

 

India, China, United States, America, India currency rupee, Money, Dollar, Donald Trump, Currency monitoring, Macro Economic and Foreign Exchange, Business news

 

In report Philip Wee, forex strategist at DBS Group Research said, “Washington’s restraint in not labeling China a currency manipulator was a relief.

Unfortunately, this would not be enough to offset the China-US trade tensions weighing on currencies.”

Meanwhile, Indian currency on Tuesday opened at 69.75 against the dollar, weaker than 69.6850 on close.

 

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Zomato acquires UberEats India for nearly Rs 2,500 crore

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New Delhi: Zomato on Tuesday announced that it has acquired Uber’s Food Delivery Business in India in an all-stock deal and Uber will have 9.99 per cent stake in the Deepinder Goyal-led food delivery platform.

According to sources close to the deal, it is in the range of over $350 million or nearly Rs 2,500 crore.

Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective from Tuesday.

“We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category,” said Goyal, Founder and CEO, Zomato.

According to company sources, for the first three quarters of 2019, “our Uber Eats business comprised 3 per cent of our global Eats gross bookings, but was more than 25 per cent of our global Eats Segment Adjusted EBITDA losses”.

Uber started its food delivery service in India around mid-2017, but has not been able to scale up in the face of big players like Zomato and Swiggy.

It currently has nearly 26,000 restuarants listed on its platform from over 40 cities.

The market is piping hot as according to a recent study by business consultancy firm Market Research Future, the online food ordering market in India is likely to grow at over 16 per cent annually to touch $17.02 billion by 2023.

Uber CEO Dara Khosrowshahi said that the Uber Eats team in India has achieved an incredible amount over the last two years.

“India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader,” said Khosrowshahi.

“We have been very impressed by Zomato’s ability to grow rapidly in a capital-efficient manner and we wish them continued success,” he added.

On January 10, Zomato had announced that it has secured $150 million in fresh funding from Ant Financial, a subsidiary of China-based giant Alibaba.

The latest round of funding in Zomato, which currently value the company at $3 billion, is part of $600 million funding round announced by Zomato CEO Goyal at a Delhi event last December.

The deal comes in the wake of merger talks between Zomato and Swiggy, whoch both the companies have denied to date.

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