The Indian rupee fell its lowest level ever at 54.46 against the US dollar in early trade today and the calls for steps to control the fall are getting stronger.

RBI Deputy Governor KC Chakrabarty has responded by saying that the central bank only intervenes in the forex market to control volatility and not a slide in the value of the currency. "We don't intervene to arrest the rupee fall, we intervene only to arrest the volatility, you must understand the difference," Chakrabarty said.

The move comes amid continuing fall of the Indian rupee due to absence of government polices to boost investor sentiment among foreign investors. Experts say that the government's inaction to address the issue has forced the RBI to take steps to control the fall in the national currency.

RBI has taken several steps to control the continuing fall of the rupee against the US dollar in recent days. The central bank will aim at halting the fall in the value of the rupee by market intervention and measures to attract dollars.

The rupee had fallen to an all time low of 53.97 to the dollar even after there was a massive sale of dollars by the monetary regulator.