Should India Revalue the Rupee?

Indian Rupee INR has fallen again now to a new historic low of Rs. 52.76/ 1 USD$. At this rate it will touch Rs 58/$ by end of 2012. Now as we say that India is growing as an economic power is it possible to allow its currency to fall at this rate. Currently Indian Rupee is one of the weakest currencies of the top 10 economic powers. How can we say India as an economic power when its actual power i.e. its currency is one of the weakest in the world. Indian government is fuelling inflation by not revaluing the rupee as it says that it will hurt IT and Exports? How? Is India an export oriented country? Then let me point out that Chinese Yaun and Thai Bhat are both stronger than the rupee and both countries export far more goods than India. India imports large amount of cured oil which cost us USD to pay our vendors. Why can't Indian Government force these countries to accept Rupees rather than USD to pay for our oil requirements. Iran recently agreed for the same, but our government made the payments in Euros rather than Indian Rupee. Do we print Euros or USD to give these countries? No so the best option is to make payments in Indian Rupee. We should make agreements with all our trade partners for a currency Swap program which will allow these countries to buy Indian Rupees and pay in them for goods imported from us. This will also revalue our currency and allow it to be accepted world wide.