Montek on rupee: RBI has a lot of firepower and they will intervene

Planning Commission Deputy Chairman Montek Singh Ahluwalia, reacting on the steep rupee fall, today said, "RBI (Reserve Bank of India) has a lot of firepower and they will intervene". The Reserve Bank likely sold dollars via state-run banks after the rupee slid to a record low, Reuters said quoting several dealers. The intervention was spotted when the rupee hit 59.90 to the dollar or below, traders told Reuters.