Sources said top bankers have raised the issue of offshore rupee speculation.
Chidambaram appealed to the government to have a liberal open economy as it will be beneficial for all and the way forward.
Terming suggestions of a panel on simplifying foreign investment norms as positive, Finance Minister P Chidambaram said market regulator Sebi will take decision on the report at its next Board meet on June 25.
The rupee had gained three paise to close at 54.78 in previous session on rally in equities amid signs of massive capital inflows.
The rupee was trading at 53.76/77 per dollar as of 11.07 am, weakening from around 53.71 levels before the RBI announcement.
HSBC raised its forecast citing the government's recently announced reform moves as well as the Federal Reserve's quantitative easing.
The RBI is widely expected to cut interest rates by at least 25 basis points and may also cut the cash reserve ratio.
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