The IMF criticizes the Reserve Bank of India's intervention in the foreign exchange market, but the central bank dismisses the charge. The IMF's report shows a divergence of views on the exchange rate and foreign exchange intervention between the IMF and Indian authorities. The IMF notes that the rupee-dollar exchange rate remained stable, suggesting excessive forex intervention. In response, the RBI states that the exchange rate is market determined and it intervenes only to prevent excessive volatility.