Bank of India Deputy Governor Poonam Gupta said that there is still room for the Indian rupee to appreciate from its current level. After a period of weakness, she expressed optimism about the future of the currency. Speaking at the State Bank of India Banking and Economics seminar held in Mumbai, Gupta stated, “If anything, the rupee is expected not only to stabilize, but may even rise further from the current level. This is in line with market analysts' expectations when capital flow measures were first announced.” The rupee weakened slightly to 95.8537 on Thursday as global bond yields soared. Traders say the central bank may have sold the dollar, thereby limiting the rupee's decline. Over the past month, in order to cope with the pressure brought about by high oil prices, the Bank of India has regularly intervened to support the local currency exchange rate.

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