By week end financial pundits have predicted the rupee swooning to a catastrophic 65 per dollar. Closely on India’s war signals with Pakistan and a low growth rate triggered by political instability of the UPA Government the rupee tumbled to 63.22 to the dollar on Monday .
UPA Governmtn and RBI efforts to prop up the currency, which has tumbled 12 per cent against the dollar so far in 2013, have thus far proved ineffective, making it the worst performer in emerging Asia and threatening to drive the region's third-largest economy towards a full-blown crisis.
While India's current crisis has evoked parallels to 1991, when it had to pledge gold to the International Monetary Fund the country’s net outflows, flight of capital to be particular has crossed the 11.4 billion dollars
