Millennium Post

PM meets RBI chief, advisers about rupee

Prime Minister Manmohan Singh on Friday reviewed the sharp decline in rupee value and its impact on the economy with the Reserve Bank of India (RBI) governor D Subbarao and Planning Commission deputy chairman Montek Singh Ahluwalia.

Chairman of Prime Minister's Economic Advisory Council C Rangarajan was also present in the meeting.

'We met the Prime Minister. We had discussions on what actions can be taken (to arrest rupee fall). We also discussed about the overall situation of the economy,' Rangarajan said.

The meeting comes a day after Subbarao indicated that the central bank could sell dollars directly to oil marketing companies to ease pressure on rupee. He also sounded positive on the possibility of government floating sovereign bond to deal with the balance of payment crisis.

The rupee has been declining continuously since March and touched a historic low of 56.38 to a dollar on Thursday
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