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The Indian rupee’s recent slide past the 91 mark against the dollar is not a cause for concern from a fundamentals perspective, but rising volatility could prompt intervention by the Reserve Bank of India (RBI), said Neelkanth Mishra, Chief Economist at Axis Bank & Head – Global Research at Axis Capital in an exclusive interview with Moneycontrol.

He expects the rupee to trade in the 91–92 range in the near term, with the RBI stepping in if currency swings become excessive.

“While the central bank may not defend a specific level, it has a clear mandate to contain volatility, and intervention is likely if quarterly depreciation moves beyond a tolerable range,” he added.

These comments came when the local currency ended at a record low level of 91.03 against the US dollar on December 15.