IMF reclassifies India’s FX regime as rupee turns more volatile

The IMF labeled the country’s de facto currency regime as “crawl-like arrangement”, marking a change from the previous “stabilized” classification, the agency said in its annual country report for India released Wednesday.A crawling peg involves small, gradual adjustments to reflect inflation gaps between a country and its trading partner, according to an IMF publication. The IMF last changed the classification in 2023, after the rupee moved within a very narrow range.BloombergIndia’s rupee has traded more ...