https://sputniknews.in/20231219/rbi-criticises-imf-for-inappropriate-intervention-in-foreign-exchange-market-5886380.html
RBI Criticises IMF for Inappropriate Intervention in Foreign Exchange Market
RBI Criticises IMF for Inappropriate Intervention in Foreign Exchange Market
Sputnik India
On Tuesday, the Reserve Bank of India (RBI) slammed the International Monetary Fund (IMF) for criticizing its intervention in the foreign exchange market, which the global lender stated was excessive.
2023-12-19T18:32+0530
2023-12-19T18:32+0530
2023-12-19T18:32+0530
business & economy
india
us
reserve bank of india (rbi)
global economy
delhi
new delhi
washington d.c.
imf loan
mumbai
https://cdn1.img.sputniknews.in/img/07e7/05/02/1784364_0:161:3071:1888_1920x0_80_0_0_58d992f81a28c7ca973b3982cc04cf94.jpg
On Tuesday, the Reserve Bank of India (RBI) slammed the International Monetary Fund (IMF) for criticizing its intervention in the foreign exchange market, which the global lender stated was excessive.The multilateral agency claimed that RBI's intervention in the Rupee-US Dollar exchange rate "exceeded levels necessary to address disorderly market conditions."Hitting back at the IMF which stated that India was trying to influence the valuation of the INR on the international currency exchange, the RBI asserted that the Washington-based financial institution's criticism of its policy was unjustified. Interestingly, the INR weakened as much as 8 percent against the US dollar in 2022 before RBI intervened to stabilize it. Since December 2022, the Rupee has only suffered a 2% fall against the American greenback.Notably, despite India being the world's fastest-growing major economy, the Western-dominated financial system led by the US has often clubbed it among nations that are potential currency manipulators.India's name was removed from the infamous list in November 2022.
https://sputniknews.in/20230821/de-dollarization-in-action-india-to-leverage-rupee-trade-by-extensive-outreach-3727253.html
india
us
delhi
new delhi
washington d.c.
mumbai
south asia
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
2023
Pawan Atri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/139630_147:0:831:684_100x100_80_0_0_8fa2b25903e7787fe6a2698552c167df.png
Pawan Atri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/139630_147:0:831:684_100x100_80_0_0_8fa2b25903e7787fe6a2698552c167df.png
News
en_IN
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
Sputnik India
feedback.hindi@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
Pawan Atri
https://cdn1.img.sputniknews.in/img/07e6/0c/13/139630_147:0:831:684_100x100_80_0_0_8fa2b25903e7787fe6a2698552c167df.png
rbi hits out at imf, rbi slams imf, rbi blasts imf, rbi imf, reserve bank of india international monetary fund, reserve bank of india on international monetary fund criticism, reserve bank of india imf report, rbi imf report,
rbi hits out at imf, rbi slams imf, rbi blasts imf, rbi imf, reserve bank of india international monetary fund, reserve bank of india on international monetary fund criticism, reserve bank of india imf report, rbi imf report,
RBI Criticises IMF for Inappropriate Intervention in Foreign Exchange Market
The Indian Rupee (INR) has been among the most stable currencies, only weakening by 2 per cent against the US dollar this year.
On Tuesday, the Reserve Bank of India (RBI) slammed the International Monetary Fund (IMF) for criticizing its intervention in the foreign exchange market, which the global lender stated was excessive.
"During December 2022-October 2023, the Rupee-U.S. Dollar exchange rate moved within a very narrow range," the IMF noted in its report.
The multilateral agency claimed that RBI's intervention in the Rupee-US Dollar exchange rate "exceeded levels necessary to address disorderly market conditions."
Hitting back at the IMF which stated that India
was trying to influence the valuation of the INR on the international currency exchange, the RBI asserted that the Washington-based financial institution's criticism of its policy was unjustified.
"The RBI strongly believes that such a view is incorrect as, in their view, it uses data selectively," India's central bank said.
Interestingly, the INR weakened as much as 8 percent against the US dollar in 2022 before RBI intervened to stabilize it. Since December 2022, the Rupee has only suffered a 2% fall against the American greenback.
Notably, despite India being the world's fastest-growing major economy, the Western-dominated financial system led by the US
has often clubbed it among nations that are potential currency manipulators.
India's name was removed from the infamous list in November 2022.
