PARIS (AFX) - IMF managing director Horst Koehler said he does not expect the euro to rise against the dollar in the immediate future even though the European currency is "undervalued." "Unfortunately I do not see any immediate strengthening of the euro against the dollar" Koehler said in an intervew with daily Le Monde. "I say unfortunately because I think the euro is undervalued. I remain optimistic for the medium term. I don't think it will happen just like that. There will have to be a good policy approach for the euro to become one of the great reserve currencies," Welteke said.