The rupee is in an obvious down trend , when other BRIC currencies are struggling , we could see some of its effects rubbing off on Rupee too. The level to watch out is 62.85, cross that we could see it moving in the Rs. 63 territory.It is already down 1.1 percent and currently around 62.75 to a dollar ...with month end requirements and oil purchases coming up, and gas at higher price , more demand coming up from corporate we can see pressure on rupee building up .Rate cut is just a dream at the moment, hope we do not see a rate increase is the prayer.