RBI Governor D Subbarao today met Prime Minister Dr Manmohan Singh in New Delhi. Official sources told AIR correspondent that steps to arrest the rupee's slide were discussed.

The meeting was also attended by Chairman of Prime Minister's Economic Advisory Council (PMEAC)

C Rangarajan. Mr Rangarajan had favoured direct sale of dollars to oil marketing companies (OMCs) to ease pressure on the rupee.

The oil firms buy dollars in large quantities to import crude from the international market. India's crude oil import bill was 155.6 billion US dollar in 2011-12.