SINGAPORE — The International Monetary Fund and India are at odds over the management of the rupee, a disagreement that could destabilize international financial markets. The IMF says India has intervened excessively in the exchange rate, but India denies having done anything wrong.

The IMF on Dec. 18 released its annual report on India’s economic situation, covering the period from December 2022 to October 2023, as part of its Article IV consultations that analyze members’ economic and financial conditions.