Indian stock markets may be on a roll, hitting new highs every day since last Wednesday; but the rupee is virtually where it was, flickering in the 61-62 range. Experts have a proratable view on where the Indian currency is headed - below 60, or back to 69 levels against the US dollar."Given the inflation differentials, and I think they will persist, as the latest theory on inflation now is that it's a very much a demographic issue ... I'd say that there are greater chances of the rupee hitting 70 rather than 60," says AV Rajwade, Forex and Treasury Risk Management Consultant.But he feels that it is good thing that we see depreciation in the currency. "If we take a relatively long-term view in terms of economic history post world war, every fast growing economy , Germany and Japan after the end of the war; then Korea, Taiwan, the Asian tigers, the Asian cubs and 30-years-now China; they've all grown on the basis of undervalued currencies ..." he adds."It is better for us to have a weaker currency than otherwise. In fact, I feel that the RBI should have used this opportunity to shore up their reserves. Why do we need a currency below 60 to the dollar. We don't. But at the same time it's important that we do not let panic prevail when the currency hits 68 or 70," says Manoj Rane, MD & Head Fixed Income & Treasury-India, BNP Paribas.Some analysts see the rupee stabilising at 61-62 levels, but then others are seeing it at that mark pro tem."We may have seen some stability in the rupee around 61-62 levels. I don't think the problem in terms of volatility has been solved. What we need to remember is the $8-billion demand every month, which is around $350 million every day, and that is being met from outside the market. Now, what happens when that comes in the market? I think there's a big question mark on that," says Rajwade.Conversing stock markets in relation to the currency, analysts say it is advantage bears."The only saving grace that the bears have is that despite the 11,000 crore-odd FII buying in the last 15 sessions, the rupee has tumbled to a three-week low," says Shardul Kulkarni of Angel Broking."We continue to mention that we are bearish on the rupee and expect rupee depreciation in the coming weeks. Currency traders should ideally buy the dollar with 59.5 as stop loss for a target of 65/66, a strategy that we have been mentioned in the last few articles," he adds.