The rupee is in focus after the domestic currency hit a fresh 7-month high on Friday. Bhaskar Panda, senior VP at Treasury Advisory Group of HDFC Bank, shared his views on the money market.

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"The rupee has been an outlier compared to other emerging market currencies in the current context," Panda said on Friday.

“March has been a month where rupee appreciates and that has been a trend for many years now,” he added.

Talking about the next technical level, Panda said, “The next technical level that I am looking at is 68.80/USD and if 68.80/USD breaks probably it will go towards 68.20/USD. If I remember correctly 68.20/USD or 68.80/USD is where it can stop. It’s my personal view and I do not see it going too much beyond 68.80/USD.”

“As we go into next quarter, in April-May rupee starts again depreciating,” he said.

“Oil prices are still high so it is not a good sign for the rupee to appreciate too much from here onwards,” said Panda.