Rupee Under Watch: Venkat Thiagarajan Decodes IMF’s ‘Crawl-Like Peg’ Warning

The rupee has slipped to record lows, the IMF has reclassified India’s exchange-rate regime, and questions are rising about RBI’s intervention strategy.

Veteran forex trader Venkat Thiagarajan, Chairman of SYFX Foundation, in this interview with Rajesh Mahapatra, unpacks:

• Why the IMF now calls India’s regime a crawl-like peg
• How RBI’s frequent interventions shape rupee stability
• What the “caged bird” analogy reveals about credibility and confidence
• Whether the rupee is heading past 90
• How exporters, importers, and global investors are reading the signals
• What India risks by diverging from a transparent floating exchange-rate framework
• Why credibility, not just flows, could determine the rupee’s path

Watch for a grounded, practitioner’s view on what lies ahead — and why FX policy may now matter more than ever.