The government is closely watching the situation after the rupee hit an all-time low against dollar. Talking to reporters on the sidelines of a function in New Delhi on Monday, Economic Affairs Secretary Arvind Mayaram said weakening of the rupee is consistent with depreciation of currencies of other emerging economies the world over. He said there is an unwarranted panic in the market and hoped it will settle down soon. Chief Economic Advisor Raghuram Rajan said, weakness of the rupee could be a temporary phenomenon. He said steps like facilitating exports would help the rupee. Rajan added that medium-term measures taken in the past will continue and help rupee to find a level consistent with the sustainable growth.