Rupee breaches 55

Continuing its downward drift, the rupee crossed a new all-time closing low of 55 against the dollar, settling at 55.04. The trend persisted in the absence of any major flows despite intervention by the Reserve Bank of India. Dealers said that given the current inclination, the currency could easily slide to 56 to 57 levels. However, any depreciation beyond this level could trigger panic and lead to a currency crisis, which would force the central bank to come out with concerted efforts to support the rupee. 
WHY A WEAK RUPEE IS NOT ALL THAT BAD... Imports are slowing down 
Import substitution picking up 
Domestic tourism gets preference over overseas 
Five star hotels make money 
Exporters get a fresh lease