P Chidambaram discusses economic situation with Manmohan Singh, to meet RBI governor D Subbarao

NEW DELHI: Faced with plummeting rupee woes, Finance Minister P Chidambaram on Monday met Prime Minister Manmohan Singh to discuss the economic situation, even as RBI Governor D Subbarao has been called to deliberate on the strategy to tackle the problem.

Chidambaram is understood to have discussed the rupee woes and macro economic situation with the Prime Minister.

He is scheduled to meet Subbarao later this afternoon. The Finance Minister also briefed the Prime Minister about his recent Washington visit, where he pitched for US investments in India.

He had also met key policy makers including Treasury Secretary Jacob Lew.

Rupee today dropped to 60.005 against the US dollar while the wholesale prices rose 4.86 per cent in June compared to 4.7 per cent increase in May.

Rupee had earlier in the month touched an all time high of 61.21 to a dollar.

Among the measures considered by the government to stem the rupee's fall include floating sovereign bonds overseas.