New Delhi, April 24 -- India's Chief Economic Adviser V. Anantha Nageswaran has said the rupee remains "undervalued relative to fundamentals," arguing that its current levels do not fully capture the strength of the country's macroeconomic position, even as currency weakness has influenced global perceptions of India's economy.

Speaking in recent interactions on Bloomberg Television, Nageswaran maintained that the rupee's depreciation should be viewed in the context of a broader global dollar rally rather than domestic fragility. "The rupee is undervalued relative to fundamentals," he said.

The Indian rupee has remained under pressure in recent months, trading near the 83-84 per US dollar range and hovering close to record lows. The cur...