Union Finance Minister P. Chidambaram on Wednesday held a meeting with top officials of the finance ministry and RBI Governor-designate Raghuram Rajan to weigh up the rupee and stock market situation.

Mr. Chidambaram also met with India's executive directors at the three international financial agencies, Mukesh Prasad of World Bank, Rakesh Mohan of International Monetary Fund and Umesh Kumar of Asian Development Bank.

Economic Affairs Secretary Arvind Mayaram, Financial Services Secretary Rajiv Takru, and Revenue Secretary Sumit Bose were among the senior official who attended the meetings.

The meetings were held as rupee is suffering unprecedented decline in value against foreign currencies. The partly-convertible currency plunged to its record low of 64.54 per US dollar in the intra-day trade on Wednesday.

A day earlier, on Tuesday, the domestic currency dropped to 64.13 per dollar in the intra-day trading. However, it managed to recover slightly to close at 63.13 on that day.

The ongoing depreciation in rupee's value is showing that the government's various measures have failed to arrest the problem.