Taking this situation into account, the Bank has continued to revise downward its assessment of Japan’s economy as a whole, and assessed at the Monetary Policy Meeting on October 30 that the economy has been “weakening somewhat.”  2  BIS central bankers’ speeches  Going forward, developments in Japan’s economy will basically depend on those in overseas economies.
Specifically, the rupee depreciated against the dollar by about 24% between March 2008 and March 2009 (Rs.39.80 to Rs.52.20) with the volatility doubling to about 12% (as measured by annualised standard deviation of daily percentage changes).