The document discusses the depreciation of the Indian rupee against the US dollar. It provides background on factors that affect currency values like trade, interest rates, money supply, and inflation. It then examines how the weakening rupee impacts India's GDP and sectors like IT that rely on exports. The government has taken actions to intervene in currency markets, tighten liquidity, and raise interest rates to stabilize the rupee. While short-term impacts include losses for exporters and employers, the government hopes additional reforms can attract more foreign investment over the long run.