Nomura says India has signaled concerns over further depreciation of the rupee

Varma said that measures have already been taken to address investment outflows, including the Prime Minister's call for locals to conserve foreign exchange and stop buying gold. She added that more measures could still be taken. However, Varma stated that if the situation in Iran and oil prices do not stabilize, the currency will continue to face difficulties. Varma said the central bank may soon take non-monetary measures for further intervention. Varma added that the 100 level for the USD/INR exchange rate could be an important psychological threshold to watch. The US dollar recently rose 0.5%, quoted at 95.7050 rupees.