Business No need to increase interest rate to rein in rupee depreciation, says principal economic adviser Updated : September 17, 2018 06:35 AM IST While noting that the RBI is watching the situation on a continuous basis, Sanyal said the Indian economy is on a strong footing with forex reserves of $400 billion. The rupee has slumped around 6 per cent since August and touched an all-time low of 72 level this week. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.