The Indian rupee is struggling near a record low against the dollar of 61.2 even as Indian bond yields rise. Most of the weakness, as for nearly all emerging market currencies, is dollar strength on the back of the prospect of the Fed ending or tapering its stimulus measures. But knowing that it's the dollar doesn’t help India or the rupee. Indian authorities are trying to attract foreign investorment for infrastructure projects as a way to bring in hard currency. But rising oil prices are also hurting India’s current account deficit and stemming those outflows to pay for energy is an equal problem with attracting inflows. Some analysts speculate the Bank of India is close to selling dollars to stem the rupee’s decline. While it’s never a good plan to stand in the way of a central bank, it’s debatable how much the Bank of India can do. The Indian authorities could come up with measures as yet unthought of in financial markets, Fed Chairman Bernanke did so with QE. But there are investors with deeper pockets than the Indian authorities and it may just depend on how much the market wants to send the rupee lower.