Terming the rupee's 13.1 per cent depreciation over the past one-and-a-half years as a temporary phenomenon, the Reserve Bank of India’s (RBI) Deputy Governor Poonam Gupta on Wednesday said that there is a fair case for the Indian currency to not only stabilise but even appreciate from current levels, according to news agency PTI.

"If anything, there seems to be a fair case for the rupee to not just stabilise but perhaps even appreciate from the current levels, as was being anticipated by the market analysts when the capital flow measures were first announced," Gupta said while addressing the 13th SBI Banking & Economics Conclave.