MUMBAI: The Indian rupee is catching up with the fall in other Asian currencies against the US dollar . After trading in a narrow range for almost two months, the Indian unit plunged to 13-month low to hit intraday low of 63.54.The USD/INR declined 1.5 per cent in last 24 hours as investors shifted to US dollar from riskier assets. Back home, disappointing growth data also added to the woes.The dealers noted that the Reserve Bank of India sold dollars in the open market to curb the fall.The rupee in the current slide might see some more weakness even as exporters are coming out with their dollar sales.In the near term, 63.80 – 64 is not ruled out. Though for 2015, the views of big names vary. HSBC forecasts 2015 to be a better year, while Deutche Bank and Barclays foresee a slide in currency in the next year.The fall reminds of the situation last November when the rupee plunged to hit all-time at 68. However, unlike last time, when the balance of payment was a near record high to the GDP, India is in a better position.The domestic factors that are hurting the rupee include, trade deficit which has widened to 18-month high in the November by 26 per cent to $16.86 billion. Even as the inflation eased, the IIP figures suggest, economy will take time to bounce back.The Indian equity market with its sharp fall below the crucial chart levels has shaken the confidence in the currency. Foreign investors in the last two weeks have sold into the EM markets including India. The market is also watching the RBI for cues on easing the rates.The bond yields that hit 17-month low earlier as the consumer inflation hit record lows saw some gains. The bonds fell to a 1-week low as the rupee slipped.For now, the markets will want to watch if the new government can deliver on all its promises of political and financial stability and also steady growth.In the global markets, the latest trigger came from a sharp rate hike in interest rates in Russia to 17 per cent from 10 per cent. The Russian ruble, despite the rate hike, has slid to all time low Vs USD. It is down 47 per cent, YTD.The slowdown in China trade and factory data has also been a concern in the Asian markets. The Chinese yuan has declined 2.5 per cent in this year.The currency market is also watching out for the FOMC meeting that starts today. It will take cues from guidance and announcements coming tomorrow on economy and interest rates.