De Rato U-turns on dollar valuation

Rodrigo de Rato, the managing director of the International Monetary Fund (IMF), said on Monday that the dollar was overvalued despite recently saying that he believed the opposite to be the case.

Speaking in Washington on Monday, de Rato said: "It is true that we have seen a depreciation of the dollar in some measures the last two to three years. But our overall view is that we, as the IMF looks at the medium-term stability of currencies, still see the dollar as overvalued."

On 8 October, the

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