quantitative easing measures.
Ahluwalia said it would be wrong to suggest that except for the Indian rupee all other currencies in the world are "stable".
"The fact is that Rupee has depreciated more than others," he said.
On trade issues, Ahluwalia said the G20 is expected to take a keen interest in the maintenance of a robust multilateral trading system and press for measures to resist protectionism.
He said India is pinning hopes on the the Bali Ministerial meet in December for further progress of the WTO Doha round trade negotiations for a successful conclusion.
Referring to financial stability measures, Ahluwalia said the five-nation BRICS may reach a consensus on the sidelines of the G-20 summit on creating a USD 100 billion currency reserve fund to help ease short-term liquidity presesure and safeguard financial stability of major emerging economies. Besides India, the other member-countries are Brazil, Russia, China and South Africa.
The BRICS bloc of large emrging economies is also reported to have agreed on the capital structure for a proposed development bank that aims to reduce their reliance on Western financial institutions.
Ahluwalia, hoeever, said an announcement by BRICS on the bank is unlikely at the St Ptersburg summit.
He said the St Petersburg Action Plan is expected to commit the G20 countries to a range of policy measures and structural reforms for a strong, sustainable and balanced growth and also address key risks to the global economy in the near term.
Ahluwalia, who will be India's 'sherpa' at the G20 summit, said currency volatility will also form important part of deliberations of the world leaders.