53-55 unsustainable level for Re: Mecklai Financial

Jamal Mecklai, CEO, Mecklai Financial Services, says that the rupee is heading downward and the rupee cannot sustain. Jamal says, 53-54-55 is not sustainable level for the rupee. He further says that forward premiums are not rising; on the other hand they are coming down.

Below is the edited transcript of his interview to CNBC-TV18. Also watch the accompanying video. Q: Do you think the rupee could go down to 54-55 level?
A: Everybody is shooting for 54 and 55 for the rupee by the end of the year or even sooner. Forward premiums are not rising, infact, they are coming down.
There has been a lot of spot buying which could be for government payments for defense, oil or it could be banks. But again, banks are not able to carry positions overnight. 
Clearly, the rupee is heading downward. The rupee cannot sustain. 53-54-55 is not sustainable levels. Q: Do you see 53 now a little earlier for the rupee? Today, was there any marked selling or is it all sentiment?
A: It is not only sentiment, but also, lot of spot buying. There has not been many forward buying.