Concerned over the 'pressures' created by the appreciating rupee on Indian business, the Confederation of Indian Industry on Thursday sought a "more active" intervention by the Reserve Bank of India to arrest further rise in the value of the domestic currency against dollar and save the country from becoming uncompetitive vis-a-vis other nations like China.

Despite the healthy growth indicators like good monsoon, moderate inflation, favourable growth prospects, "...there is a cause for worry. And it has to do with the way in which the rupee is appreciating compared to all its competitors especially China," CII president Anand Mahindra told RBI Governor Bimal Jalan at a meeting held at the apex bank's headquarters in Mumbai.

"Between July 2002 and today, the rupee has appreciated by almost five per cent on an annualised basis," Mahindra said adding since the Chinese currency (renminbi) follows a fixed exchange rate, this appreciation of rupee may soon cause problems for Indian exporters."

On this backdrop, "CII makes a strong case for continuation - indeed more active - intervention by RBI in the debate," Mahindra said in a release.

"The apex chamber applauds RBI's exchange rate management over the last six years, and is certainly not making a case for fixed exchange rates," he said.