Both were contrarian bets.
When Redward Associates Ltd. – the independent research firm he formed in 2011 after leaving Barclays – released the forecasts last year, consensus estimates pointed to the India's currency strengthening to 53 and the rupiah to 9,200, Redward said.
"The current account deficit," Redward noted in the September report, "is likely to remain a significant headwind for India for the foreseeable future."
(Read more: Indian rupee hits record low; capital control fears grow)
India is currently struggling with high inflation, slowing growth, a ballooning current account deficit at 4.8 percent of GDP and a record low currency. At the core of the problem – foreign capital outflows precipitated by expectations cheap liquidity will come to an end with the September wind-down in the U.S. Federal Reserve's asset purchase program.
Though capital inflows were robust at the time of Redward's September report, they remained "highly sensitive to fluctuations in global commodity prices, and global risk appetite. He added: "The mere stalling of capital inflows will renew pressure on rupee."
(Read more: What's really holding back growth in India)
Despite sporadic central bank intervention, the rupee sank to a new trough on Wednesday of 64.5450 to the dollar. A move in the rupee to 70.00 "is achievable," said Redward in emailed comments to CNBC.