ECB hike not encouraging: experts

India took a handful of measures to prop up the embattled rupee on Monday, including increasing the limit on foreign investment in government bonds by $5 billion to $20 billion, the RBI said.

JONATHAN CAVENAGH, SENIOR FOREX STRATEGIST, WESPAC, SINGAPORE

"Well not the 'shock and awe' the market was looking for but we shall see what else gets announced. Not surprised to see USD/INR higher.

"Until they address longer term structural issues around capital flows and competition in the domestic retail sector which can help bring down inflation pressures, I think market will be left disappointed."

M. NATARAJAN, HEAD OF TREASURY, BANK OF NOVA SCOTIA, MUMBAI

"The market was expecting a slew of measures. The measures announced now won't have any direct material bearing on the rupee. Unless the RBI comes in with more measures, the rupee will fall back to the 57-58 to a dollar levels."