No sharp decline seen in Rupee: PHD Chamber

Amidst global economic developments, there will not be any sharp decline in rupee from the current level, PHD Chamber of Commerce said today.
"While there will not be any significant upward movement from the current level, it (Rupee) will also not decelerate like August 2013," the industry body said.
During the last one year, the rupee has depreciated from around 59/USD in May 2014 (average) to about 64/USD (average) in May 2015.
"Volatility in international economic system vis-a-vis changing monetary policy stance among the advanced economies may have increased impact on rupee volatility. But any sharp upward or downward movement in exchange rate scenario is ruled out," the chamber said.

Though, challenges in the global economic environment are emerging once again, India's economic resilience has strengthened during the recent times, it pointed out.
The rupee today closed 25 paise higher at 63.75 against the US dollar, recovering from its 20-month low of 64.26 hit during intra-day trade yesterday.