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The rupee resumed lower at 61.15 per dollar as against the last closing level of 60.77 per dollar yesterday at the Interbank Foreign Exchange (Forex) Market and dropped further to 61.44 per dollar before quoting at 61.40 per dollar at 1045 hours.
The rupee had dipped by a massive 67 paise to an all-time closing low of 61.10 against the dollar on Friday.
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Subbarao also said credible fiscal consolidation is a pre-condition for stabilising inflation and in securing non-inflationary growth.
The rupee fell on Monday on fears of foreign outflows after stronger-than-expected US jobs growth data cemented expectations of an early end to US stimulus measures.
The intervention was spotted when the rupee hit 59.90 to the dollar or below
Traders said the rupee was also supported by speculation that May wholesale inflation due this week may show continued easing.
Shares were also buoyed by positive global sentiment on hopes major central banks will ease monetary policy further or continue to keep it loose for long.
It doesn't point out weakness that is being reported.
India taxes these investors higher and is excessively cautious towards derivatives.
India's sovereign rating could be cut if the government loosens fiscal policy in the run-up to elections, says Fitch.
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