Even as the devastating second wave of Covid-19 has crippled economic activity, the rupee value has been showing “complete nonchalance”. And with the prospects of higher domestic inflation, it is not doing any harm for RBI to let the rupee appreciate as it is reducing imported inflation when metal prices are rising, and clearing the liquidity overhang to some extent, says a report by SBI Research's Ecowrap. However, it added that this can be sustained only through vaccination and specific administrative reforms by the Centre and states in enabling a better medical infrastructure to prevent any further waves.