The International Monetary Fund (IMF) recently reclassified India's exchange rate regime as 'stable' instead of 'floating.' However, the Reserve Bank of India (RBI) disputes this reclassification. The IMF claims that from December 2022 to October 2023, the RBI maintained exchange rate stability by intervening in the currency market, deviating from market-driven conditions as per its stated exchange-rate policy since March 1993.