Some analysts doubt the seriousness of the resolve of Reserve Bank of India (RBI) to contain volatility in the currency market following the comments by Governor D Subbarao.

The RBI Governor said the central bank may withdraw the liquidity tightening steps taken so far in a calibrated manner if the rupee stabilises.

Some analysts attribute the further depreciation in rupee to the comments. The rupee declined sharply in recent sessions and approached its record low of 61.21.

Analysts feel that the central bank may now be forced to raise policy rates to defend the rupee, a measure that will adversely affect the India growth story. And this clearly has left corporates worried.

The government, too, is contemplating measures of its own and will announce steps in the next few weeks to curb the current account deficit, Finance Ministry's Chief Economic Adviser Raghuram Rajan said.

The current account deficit, which hit a record high of 4.8 per cent of gross domestic product in the fiscal year ended in March, is a key source of stress for the rupee.