Rupee could go to even 58 against the dollar: Sanju Verma

Sanju Verma of Violet Arch Capital Advisors spoke to CNBC-TV18 on her outlook to the market today. 

Below is the edited transcript of the interview. Also watch the accompanying videos. Q: It's not been a good ride these last few days but let me ask you about the rupee where there is mayhem this morning at 54.20 against the dollar. How much of a worry for companies is it turning out to be and the market?
A: I am not surprised that it is at Rs 54 plus today because yesterday in the non-deliverable forward market, there were clear signals that if anything, rupee could actually weaken all the way to Rs 55 in the immediate term and may be even Rs 58 going forward in the next couple of weeks. That would have seemed alarmist even three months back but that does not sound alarmist any more.
I have been speaking to some foreign bankers who have a pretty good pulse on these things, and the general sense they get is the fact that the RBI clearly does not want to throw good money after bad.
When we last spoke about a month back, I had told you that the RBI should intervene strongly and sharply. I stand corrected, I did not realize at that point in time that in the month of September alone, RBI had intervened and bought dollars in the spot market to the tune of USD 800 million. Now there is data out in the market which suggests that on two days in November alone, November 23 and 24, RBI pumped in close to USD 3.5-4 billion. But that barely helped the rupee. If anything, we have seen it depreciate 20% calendar year-to-date.
What that tells you is that the RBI