Members of Corporate India have told the Reserve Bankd of India (RBI) that another increase in interest rate would hurt demand and pull down growth. They also urged the monetary authority to intervene in the currency market as a depreciation rupee could stoke inflation till now RBI has raised rates 12 times since march 2010. Even as interest high rates and commodity prices squeezed profit margins of companies, imports became expensive, with the rupee declining 10% against the dollar since August. While many felt that RBI should have sold dollar heavily to arrest the fall, the central bank preferred a wait and watch policy with the US currency gaining amid safe haven buying by institutions across markets. " Interest rate hikes are working in reversal at this point of time and adding to the inflationary pressure. Credit availability for businesses as well as consumers drying up; this may push the economy into recession.