Where is the rupee headed?

The rupee did a merry jig in 2012, causing a great deal of trouble to companies, regulators and investors. It appreciated to 48.6 against the dollar at the beginning of the year and then went on to its life-time low at 57.3 only to surge towards 51 again by October. However, the trajectory of the rupee is downward against the dollar since July 2011 with the currency down 24 per cent since then.

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