What is better for the economy -- a weak rupee or a strong one?

After the recent fall in the rupee's external value, importers are wringing their hands in despair, while exporters are smiling all the way to the bank. But with the country's imports exceeding exports by about 50%, the fall is hardly a good news for the nation's economy, especially when in some cases, the exporters are forced to offer discounts. However, the flip side of this decline is that Indian exporters can now compete more effectively against the Chinese.

What do you think will do our economy good: a strong rupee or a weak one?