India said that it was not logical for the US to have put New Delhi on a monitoring list of currency manipulators.

"I don't understand any economic logic," Anup Wadhawan, India's commerce secretary said, adding that the Reserve Bank of India (RBI) allows currency movements based on market forces.

As many as 10 economies including Singapore, Thailand, Mexico besides India, have been put on the “Montitoring List” by the US Treasury Department, implying that the currency practices of these countries need to be closely monitored.

Janet Yellen took over from Steven Mnuchin as secretary of US treasury department in January.

While these are early days and Indian policy makers are closely watching her moves, experts said that her policies may not significantly deviate from the charter followed by the previous Donald Trump administration.