Amid steep decline in the value of rupee, the Reserve Bank said that it is monitoring the situation and will do whatever is necessary to check the currency's fall.RBI Governor D Subbarao said this while addressing a press conference after a meeting of the central bank board in Mussoorie yesterday .Pointing out that the rupee has been depreciating over the last three to four months, he said the RBI has taken action through current account flows, encouraged inflows and also steps to curb speculation.Replying questions on the price situation, Mr Subbarao said the deterioration in inflation has been mainly on account of rise in prices of food items.Since March 1, rupee has lost over 13 per cent and 11 per cent since the presentation of Budget on March 16 in the face of withdrawl of funds by foreign investors from stock markets.