In the short term I see it bouncing back to 55 odd levels. My eventual target is 60. Major support zone- 53.2-53.70 ( spot ). Domestic macro scenario is extremely poor and I don't see it improving until 2014 second half.
What are you seeing in USD/INR in short term ? I have a feeling that the govt. will do its best to ensure rupee appreciation, the various elections being near and all. Also, the retail prices of petrol being reduced is an advance indicator of rupee strength (my personal opinion).