The fall of the rupee has been a regular event since last three months and recently the rupee hit an exchange rate of 61.80 against the USD which is its lowest value ever. The fall started last year with fluctuation between INR 45 to 55 per dollar and in the first quarter of FY2014, the rupee has fallen by more than 12%. Through this report, we have attempted to examine the various reasons that experience contributed to this unfavorable situation and the impingement of a depreciating rupee and future path of actions that could come to the foreign reserves. An attempt has been established to present reasons and analyze the complete issue in depth. The topic assigned to me for undergoing Research Work and making a Research Report was entirely about the Devaluation of the Indian currency. The Research Report conducted, assisted me to know the several reasons behind the occurrence of the Indian Currency`s Devaluation. It also helped me to experience the various effects of it on the Indian Economic Structure. Also the Remedial Actions taken by the Reserve Bank of India in order to undertake this trouble came into notice during the conduction of this Research Report. To bring into the insight and prepare a thorough survey of the pros and cons of the devaluation occurring in an economic organization. The focal point of this Research Report is to state and examine the various facial expressions related to the Devaluation of the Indian currency like the trends behind it and the various shocks of it on the Indian economic Structure as well as digging into the various steps taken by RBI to bring off this vital situation. This required a depth study of that particular situation as it is a macro aspect and a nation`s economic structure is very much affected by it. While some of the people suggest it to be dependable for an economy while the others argue to be a threat to the economic organization. Descriptive and conclusive types of research are carried. The study is taken away at the base of analysis of information and data collected that is the, the type of research used here is Descriptive Research. This kind of research is needed to supply a theoretical framework and background on which, total knowledge and operational practices can be practiced and valued.