In the foreign exchange market, the rupee tumbled to 46.50 this morning. It then came back a bit to 46.45.
Ashit Parekh of IndusInd Bank [Get Quote] says that unless the RBI comes in, the rupee may test 46.55 levels. He expects the rupee to range between 46.36-46.37 during the day.

Excerpts from CNBC-TV18's exclusive interview with Asit Parekh:

What exactly is happening there in the forex market?

We opened up with a very wide gap, we closed around 30 yesterday and we opened up around 40-43. I think what happened is that we had a crash on the DOW, we also had oil on the topside, the Nikkei down, the interest rate that went up in Japan. All put together, I think the negative factors for the stock market should put the rupee on aggressive selling as well.

So we have seen a high of 46.50 so far and unless the RBI comes in, we may test and break that and test 46.55 levels. But that should be the extent. Since we have opened with a gap, I don't see it going higher beyond that.

How much do you see it recovering back, it has pulled up from its lows of 46.50?

I think it should maybe try and fill the gap, down to 46.36-46.37 during the day.

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