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US Treasury chief dismisses concerns over rupee becoming reserve currency
US Treasury Secretary Scott Bessant has brushed off worries about the Indian rupee becoming a global reserve currency.
This comes as trade tensions heat up between India and the US, with new American tariffs making Indian goods like textiles and gems more expensive.
Bessant optimistic about future US-India cooperation
Right now, the rupee is at a historic low of 87.97 against the dollar.
Still, Bessent sounded optimistic about future US-India cooperation, highlighting President Trump's positive relationship with Prime Minister Modi.
He did call out India's move to buy cheaper Russian oil, describing its stance in trade negotiations as "performative," but noted that India is working with dozens of countries to ease trade pressure from these tariffs.