The Indian rupee has breached the 80 level to one US dollar. The Indian currency has depreciated over 7% this year against a strengthening US dollar. The rupee has fallen amid rising global interest rates, foreign portfolio outflows, soaring crude oil prices and tightening of global financial conditions globally. While the Reserve Bank of India has stepped in to stem the slide, it will take some time for the results to be visible. Catch Siddharth Zarabi, Managing Editor, Business Today TV in conversation with R. Gopalan, Former Economic Affairs Secretary, Ministry of Finance, about the rupee's depreciation. R Gopalan says the rupee may remain ange bound at between 79-81 to the US dollar. He also spoke about RBI increasing interest rates and said they need to go by up another 100 to 120 basis points, beyond which it would be counter-productive.