New Delhi, March 31 -- The recent depreciation in the Indian rupee after February 27 (start of the current conflict in West Asia) remains broadly in line with movements seen in other global currencies, and does not signal excessive weakness, according to a report by the State Bank of India.

The report noted that the rupee's movement in the current phase reflects global uncertainty, adding that currencies which had appreciated earlier have corrected more sharply, indicating that using the rupee as a "shock absorber" has limits beyond a certain inflexion point.

It stated, "The rupee depreciation post 27th Feb... is in fact in line with other currencies, and in fact better than currencies which appreciated significantly".

It highlighted t...