India’s central bank is unlikely to mount a strong defense of the rupee despite the currency’s sharp depreciation, according to Axis Bank Ltd.’s chief executive officer. “I think they will play it slow. We can’t continue to spend such a huge amount of our reserves on just defending the rupee,” Amitabh Chaudhry said in a Bloomberg Television interview at Davos on Monday. The executive also offered a dim assessment of the Indian economy, saying the macroeconomic situation “looks tough.” The rupee has gone from being one of Asia’s best-performing currencies to one of the region’s biggest losers in a matter of weeks.