This article aims at adding to the debate on the impacts of exchange rate misalignment on trade. It is the continuation of an article�The Missing Link between the World Trade Organization (WTO) and the International Monetary Fund (IMF), published by JIEL (May 2013). The first article presented the evolution of the regulation of exchange rates under the IMF framework and its impacts to the multilateral trading system. This article focuses on the mechanisms available to the WTO to deal with the impacts of exchange rates on trade and discusses the prerogatives of the WTO and the IMF in judging such issues. Also, this article aims to decipher what would be the IMF role in a dispute involving exchange rate brought before the dispute settlement body (DSB) of the WTO.