In November 2025, IMF the rupee from “stabilized” to “crawl-like,” indicating the RBI likely manages it to move slowly, rather than floating freely.
The IMF acts as an advisor and overseer of member country economic policies. It reclassifies regimes based on actual behavior (de facto) rather than declared policy.
A “crawl-like arrangement” means the currency remains within a 2% band relative to a statistically identified trend for six months or more, implying the RBI allows a measured, gradual depreciation rather than a freely floating rate.
The IMF observed in its 2025 assessment that the rupee showed a predictable, narrow, downward trend rather than reflecting pure market forces.
Pushkar Mer 