Weakening of rupee? how do u guys feel

Forcasts weakening of rupee to a dollar. India being an import oriented country I somehow feel that this would most probably lead to higher input and fuel cost. Petrol price would go up, industrial production is already 3%,inflationary pressures to give in. Ending on a positive note export oriented IT sector should gain out of this in short term :) i'm open to all kind of criticism which could in any way help me understand the implication to this weakening from various point of views.. Eagerly waiting..