Posted 12/19/2023, 7:11:43 AM
India Rebuffs IMF Criticism of Rupee Intervention
- IMF said RBI's intervention in forex market was excessive, implied trying to influence rupee level
- India "strongly disagreed" with IMF assessment, called it "unjustified"
- RBI said IMF view "incorrect" as it uses data selectively
- Rupee only weakened about 2% Dec 2022-Oct 2023 despite estimated $78B RBI intervention
- IMF gave optimistic economic outlook for India, said has potential for faster than 6.3% growth with reforms