What explains the sudden fall in rupee against the dollar?

We need to put this in context. We are seeing weakness throughout emerging currencies against the us dollar and the rupee move in itself is less than what we have seen for South African rand. It is pretty much in line with what we are seeing with the Brazilian real. So what we have here is a story of dollar strength.

We also have a story in a fixed income market where US yields are gradually moving up, nothing too disturbing, 2.2, we think that probably hit 2.5 by the end of the year. Now that is making investors buy emerging market bonds

. A little bit more circumspect, the yields on emerging market bonds is at a record low.