There is not much the government can do right now to stem the weakening of the Indian rupee,chief economic adviser to the finance ministry Kaushik Basu told reporters on Wednesday. At 2:08 p.m. (8:38 GMT),the rupee was trading at 47.79/80 per dollar,recouping from an early low of 48 per dollar - its weakest in nearly two years,as worries Europe's debt problems may snowball into a banking crisis roiled global markets. Terming India's inflation situation as uncomfortable,Basu said inflation remains a matter of concern. The wholesale price index,India's main inflation gauge,rose 9.78 per cent in August,higher than the median forecast for a 9.6 per cent rise in a Reuters poll and above the 9.22 per cent recorded for July,data showed on Wednesday.
