This document is a presentation by Javaid Dar on the topic of the depreciating Indian rupee. It provides background on exchange rates and depreciation, noting the rupee has declined 22% in the last year. It discusses whether India needs a depreciating rupee, noting it is a net importer and has large external debts. The impacts discussed include increased costs of oil and other imports, higher burden on borrowers, and increased external debt. It also examines whether depreciation negatively impacts all sectors and provides some policy recommendations, including staggering oil imports, increasing foreign investment, and restricting gold imports.