As the battered rupee slumped to yet another lifetime low of 64.56 to the dollar on Wednesday, analysts say the selling is getting out of hand and the currency could fall to 70 in the coming months.
Foreign investors have yanked money out of India in recent months amid fears over the winding down of U.S. monetary stimulus and deteriorating economic conditions in the country.
The rupee has been one of the world's worst performing currencies this year, slumping 18.6 percent since the start of the year.
Keagan York, head of currency strategy at Sydney's Compass Global Markets, said the rupee was going into free fall.
"I wouldn't touch it right now," said York. "If you are an importer looking to buy Indian goods, I'd wait, as they are just going to get cheaper and cheaper."
Many analysts are now calling for levels as low as 70 to the dollar over the next few months, a decline of over 9 percent from current levels.
Lasanka Perera, managing director at Global FX Partners, said the rupee is now "out of control."
(Read more: Distant bright spot for India's battered rupee?)
"We've got high inflation, continual downgrades in growth and the Reserve Bank of India (RBI) has failed to create stability and confidence around that currency. As long as there is no change I think 70 (to the dollar) is well within reach," he said.