Why is the rupee falling against the dollar

Once in a while Rediff manages to redeem its pedestrian content by coming up with somewhat decent quality articles. Here is one on why, inspite of all the issues in the US, the rupee is still falling against the dollar.

"The Indian currency has fallen to the lowest level in almost two years. At a low of 46.99 to the dollar this year that it hit on September 16, the rupee lost almost 18 per cent against the US currency!

To put things in perspective, the rupee was trading at about 39.40 to the dollar in January this year."

It does not answer clearly why the fall of oil prices over the last one month is not easing the pressure on the rupee - it could be that the fall in oild prices is being offset by the flight of $$ and shortage of $$ in the world market. Even at aroun $105, oil prices aren't exactdly cheap either. Or it could be a trailing effect and maybe if oil prices continue to stay low, the rupee will bounce back slightly.