Rupee will hold to 62, do not see a depriciation from here: Manoj Rane

In a chat with Manoj Rane, MD, Head-Fixed Income and Treasury-India, BNP Paribas, shares his views on the rupee. Edited Excerpts:

ET Now: The dollar strength going past 89. What is your view on the rupee?

Manoj Rane: The rupee is one of the few currencies which has held up during this bout of dollar strengthening. We have seen about a 3 per cent depreciation from a 60 level. It is nothing compared to what where the Yen is today. It is almost 120 and the euro is 1.23. So you have seen 10 to 15 per cent depreciation against the dollar for other currencies. In fact INR is one of the currencies which would have strengthened against most other currencies other than USD.

We are so USD focus that we do react a lot to whatever weakness we see even on an intraday basis on the currency side. The good news is that 62 continues to be supported. I am not sure when I say that whether it is really good news or bad news because a certain weakness or slight weakness in the currency is in my mind good for the country, trade and our current account deficit. So to that extent I do think this level will possibly hold the currency on an around 62. I do not expect significant depreciation from here.