Kerala-based Federal Bank on Wednesday said that rupee at 72 is desirable level for some time and further depreciation may not be good for the real economy.
In an interview to CNBC-TV18, Ashutosh Khajuria, executive director and and chief financial officer, said, "I think the internal debate also suggested amongst the economists or panellists on various platforms that rupee needed a depreciation, but it should have happened over a longer period. It has happened in a short period."
Khajuria said Indonesian Rupiah is almost same as how Indian rupee is performing.
“Yuan has depreciated more than Indian rupee. So all these taken together and even against Euro, Yen and GBP, 72 should be something which is desirable. I cannot say where would it stop or so, but 72 is not something which could be harmful for the economy,” Khajuria added.