The Indian software group said its anticipating further depreciation of the rupee against the US dollar.

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The depreciation of the rupee against the US dollar in 2008 and 2009, and in late 2011 also helped, Dr Ratha explained.

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On the non-operating side, the rapid depreciation of the Korean won against the US dollar in September resulted in foreign exchange-related losses of around 420 billion won due to translation of foreign currency- denominated assets and liabilities.

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But look at what happened to Argentina: it devalued and given the balance sheet effects of the depreciation on their US debts it was forced to pesify its dollar debts.

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