IMF reclassifies India's exchange rate regime to 'crawl-like arrangement'
IMF reclassified India's "de facto" exchange rate regime as "crawl-like arrangement", two years after branding it "stabilised". A crawl-like arrangement is when exchange rate remains within "narrow margin of 2% relative to statistically identified trend for six months or more, said IMF. The Rupee has declined about 4% this year, hitting all-time low against US dollar on November 21.