Kamath alerts industry on further rally in rupee

PUTRAJAYA (Malaysia): The Indian industry should brace itself for a strong rupee, as the currency could strengthen by Rs one to two against the US dollar, and must diversify its revenue base, ICICI Bank CEO KV Kamath has said.

"The strengthening of the rupee is a long run challenge. Rather than fight it, corporate India should prepare for the day," Kamath, who was named the Forbes Asia Businessman of the Year, said on Tuesday evening.

The banker, who has been credited for ICICI's growth, felt the industry should not wait for the government to step in.

"My message is: Prepare for a strong rupee, the industry has to help itself and cannot keep relying on others to help," Kamath, who became the third Indian to win the Businessman of the Year title, said.

He was confident that 'corporate India can prepare to face the challenges and noted that it had to diversify its markets.'

"The rupee is testing 38, we are playing in the 38-40 band. It has so far been a two rupee band and the rupee could come to 35 vis a vis the dollar in some years," he said, adding that he saw it strengthening maybe by Rs 1-2 against the greenback.