What's the fair value for Indian rupee?

What is the precise risk in the equities that investors require premium to hold it?

Indian rupee is trading above the 73-mark against the dollar and it is down over 15 per cent year-to-date. It is true that most of the emerging markets (EM) have depreciated this year — rising yields in the United States, increased uncertainty due to trade war, and risk-off mood that set in after news from Turkey and Argentina could be some of the common factors underlying this fall. But the Indian currency is one of the worst-hit. Mexican peso is surprisingly trading around the same level where it was at the start of the year — around 19 per dollar