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IMF says dollar to fall moderately over five years

Published 07/08/2010, 10:14 AM
Updated 07/08/2010, 10:16 AM

WASHINGTON, July 8 (Reuters) - The U.S. dollar will depreciate in value moderately over the next five years, the International Monetary Fund predicted on Thursday.

"What we're saying is that in five years' time, based on the fundamentals that we see, we would expect that the dollar might depreciate moderately," David Robinson, IMF Western Hemisphere Deputy Director, told reporters.

"I'm not going to put a very precise number on that because there are large margins of error in this estimate, but by moderate we mean moderate, it's not huge," he added.

Robinson noted the dollar has appreciated "quite a lot" in recent months against the troubled euro but much more modestly against a basket of currencies <.DXY>. While the dollar's rise was "not helpful" in sustaining global recovery, "It's not a deal-breaker for the recovery either," he said. (Reporting by Glenn Somerville; Editing by James Dalgleish)

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