New Delhi, May 31 -- SBI Research has called for stronger intervention by the Reserve Bank of India (RBI) to support the rupee, arguing that the currency's recent depreciation is excessive and not in line with India's economic fundamentals.

In its report, SBI Research said the speed of the rupee's decline against the US dollar has been unusually sharp, even as the Indian economy continues to exhibit strong macroeconomic indicators.

"The speed of rupee depreciation has been reckless, and rupee took only 152 days to depreciate by Rs 5 per dollar (from Rs 90 to Rs 95)," the report said, noting that the rupee touched 96.83 against the US dollar on May 20.

According to the report, the current depreciation is higher than what India's underly...