See Rupee's next target at 41.25-41.5/$: StanChart Bk

Sundeep Bhandari of Standard Chartered Bank is negative on the rupee. "Having broken the Re 40.8/ USD level, I think the next target be Re 41.25-41.5/ USD level," he told CNBC-TV18. 

Excerpts from CNBC-TV18’s exclusive interview with Sundeep Bhandari:

Q: What is the next trading target and does it look durable for a bit this weakness for the rupee?

A: I think you are right. Having broken this Re 40.8/ USD level, I think the next target be Re 41.25-41.5/ USD level. We remain still negative on the rupee.

Q: What is driving it quite so quickly? Was it a breach of a technical level or just simple demand from the oil companies?

A: Three factors oil demand, breach of the technical level in this case at 40.8 and the FII flows are very flattish those are the three big reasons. Of course we have many exporters who have already sold. So that is what is pushing the rupee much weaker.