India Hits Out At IMF For Saying Currency Intervention Excessive
NDTV
The Reserve Bank of India stated that the period was restricted to a short-term, and that the IMF's assessment would fail over a two to five-year horizon.
India pushed back against the International Monetary Fund for saying the Reserve Bank of India's intervention in the foreign-exchange market was excessive, implying that the country was trying to influence the level of the rupee.
The Washington-based lender said the currency moved within a very narrow range from December 2022 to October 2023, suggesting the central bank's intervention "likely exceeded levels necessary to address disorderly market conditions."
As a result, the IMF reclassified India's foreign-exchange regime to a "stabilized arrangement" from a "floating" system, it said in its annual Article IV country report released on Monday.
