The Indian national currency, Indian rupee has fallen to is new all time low of 55.09 against the US dollar in the morning trade.

The steps taken by the central bank, the reserve bank of India (RBI)only boosted the sentiments briefly in the markets as the rupee recorded its fifth consecutive low against the US currency. Experts have said that the policy of the Reserve Bank of India to requiring exporters to repatriate half their foreign currency will not only push away investors but it will also be ineffective in controlling the fall of the rupee against other currencies.

According to the bank's estimates, the new rule will bring back $2.5 to $3 billion of capital. The figure is small compared to India's $185 billion annual trade deficit. The move will make exports avoid building up cash balances.

RBI has taken several steps to control the continuing fall of the rupee against the US dollar in recent days. The central bank will aim at halting the fall in the value of the rupee by market intervention and measures to attract dollars.

According to estimates, the exporters in the country have already sold half of their foreign currency in their accounts after a recent order from the central bank. RBI Deputy Governor Subir Gokarn has indicated that the exporters will be offering US dollars on Tuesday and Wednesday, which might boost rupee against the currency.