The Prime Minister's Economic Advisory Council Chairman C Rangarajan today pitched for utilisation of foreign exchange reserves to arrest the slide of rupee caused by temporary fluctuation in capital flows.Addressing an event in New Delhi ,he said,if the assessment is that depreciation in rupee is being caused by temporary fluctuation of capital flows, reserves must be used in order to see that impact is not felt on Rupee. Pointing out that the foreign exchange reserves were not dwindling at a fast rate, Rangarajan said, one step should be to use the forex reserves in order to be able to prevent the rupee from falling sharply. To check the sliding Rupee the Reserve Bank had last week asked exporters to convert half of their foreign exchange reserves into Rupee to make available dollars in the market. Rangarajan said the depreciation in the value of Rupeewas mainly due to a high current account deficit (CAD) which arises when import of goods and services exceeds its export.The CAD had touched 4 per cent of GDP at the end of December 2011.