No, the rupee is not going to fall further, because India is on the rise. Now that the global recession is over, other investors are looking to invest in India The rupee will get stronger as more cash is infused into the economy. The rupee fell a long ways and hit its bottom. It has bottomed out and will now swing back up to a higher value.
The value of the rupee may fall further than it currently is due to market fluctuations, but the economy of India is steadily growing. The value of the rupee will only become stronger as the market continues to rise, barring complete economic disaster. But in that case all currency would fall.