Is the declining rupee a crisis or an opportunity?

The rupee’s steep slide to the 79-to-a-dollar range is bound to impact importers, widen the current account deficit (CAD) and spur the value of India’s external debt. But how much of a problem is this going to be for the Indian economy, given that the rest of the world is facing economic challenges as well?  Here we discuss whether the declining rupee presents a crisis or an opportunity.