Key Points
Bengaluru: The International Monetary Fund has reclassified Indias de facto exchange rate regime to stabilized arrangement from floating for December 2022 to October 2023, following an article IV review of the countrys policies...
The reclassification follows the Reserve Bank of Indias likely interventions in the foreign exchange market, where the rupee moved in a very narrow range against the U.S. dollar, suggesting intervention likely exceeded levels necessary to address disorderly market conditions, IMF said in the report...
In a press release, the IMF said its staff diverged from Indian authorities view that exchange rate stability reflects improvements in Indias external position and that foreign exchange interventions have been used to avoid excessive volatility not warranted by fundamentals...
Indias forex reserves are assessed at just above 100% of the IMF composite reserve adequacy metric, the report said.. Going forward, a flexible exchange rate should act as the first line of defense in absorbing external shocks, the fund said...
India has potential for even higher growth, with greater contributions from labor and human capital, if comprehensive reforms are implemented, the IMF said.. Headline inflation is expected to gradually decline to the target although it remains volatile due to food price shocks, it added...
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