Mumbai, Sept. 23 -- There is a strong case for the rupee to stabilize and potentially appreciate from current levels as its depreciation over the past year and a half is likely to prove temporary, given India's underlying balance-of-payments (BoP) strength, Reserve Bank of India deputy governor Poonam Gupta said.

".one may think of the cumulative depreciation of the INR (or shall one say its overcorrection) in the past year and a half to be a temporary phenomenon. With RBI remaining committed to ensuring orderly conditions in the foreign exchange market, and having the wherewithal to meet decades worth of CAD (current account deficit), or the net BoP deficit, the current market dynamics do not appear especially well-founded," Gupta said ...