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BBC reporter Yogita Limaye: "For a country that was once touted as an emerging economic powerhouse, this has been a drastic fall from grace"
The falling value of the Indian rupee is "a matter of concern", Indian Prime Minister Manmohan Singh has told parliament.
The rupee hit a record low against the dollar on Wednesday and has fallen more than 20% this year.
That fall is damaging for the economy, as India imports large amounts of fuel and foodstuffs and the weak rupee makes those imports more expensive.
Also on Friday, India releases the latest report on economic growth.
Figures for the April-to-June quarter are expected to show an annualised growth rate of 4.7%.
That would be a slight slowdown on the previous quarter and less than last year's growth rate of 5%, which was the slowest pace in a decade.
In his statement to parliament, Mr Singh said: "Clearly, we need to reduce our appetite for gold, economise [on] the use of petroleum products and take steps to increase our exports."
RepercussionsHe also blamed the fall in the rupee on "external" factors.
The prime minister highlighted the impact of developments in the US, where the economy is improving and officials at the central bank have started to talk about cutting back on stimulus measures.
"In a more equitable world order, it is only appropriate that the developed countries - in pursuing their fiscal and monetary policies - should take into account the repercussions on the economy of emerging countries," he said.
The Indian government has raised the import duty on gold and increased deposit rates to stem the outflow of money.
Despite the rupee's plunge, the prime minister said the nation was not facing a repeat of the crisis in 1991.
Back then, India's foreign currency reserves became so depleted that it had to borrow from the International Monetary Fund to pay its import bills.
"Growth will pick up in the second half, barring extreme unforeseen eventualities," the prime minister said.
He also said that a strong monsoon would boost harvests and help reduce food inflation.
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