Rupee fall unique due to FII outflows from debt market

Even though the rupee hit a record low of 58 to the dollar on Monday, Mohan Shenoi, President - Group Treasury & Global Markets, Kotak Mahindra Bank says the depreciation is not not just in the Indian rupee, but all EM currencies.However, he adds the depreciation of the rupee is unique as it is caused due to the FII outflows from debt market.

He further said that the RBI just wants to curb the volatility of the currency. He expects the RBI to hold onto this position and only intervene when there is a lot of volatility.