BB Bhattacharya, professor with the Institute of Economic Growth, said the depreciation is not very large. "It is to be noted that there is hardly any depreciation in the rupee against other currencies like the yen and pound."

With the imports bill rising and foreign institutional investors selling stocks, this was not unexpected, he pointed out. He puts the value of rupee at 47 by the end of this fiscal.

The RBI would not like to intervene directly, Bhattacharya said, adding that indirectly the central bank has been trying to check the slide of rupee by raising interest rates.

Planning Commission advisor and eminent economist, Pronab Sen also does not find the current slide in the rupee very serious. The forex market is very thin, he said. This leads to volatility even if small amounts come in or go out.

Depreciation in the rupee will obviously help exports, he said.The plan panel advisor said that the rupee is likely to stabilise between 45.5 and 45.7.