According to sources, Ahluwalia and Rangarajan separately briefed Singh about the economic situation.
Sources also said the Prime Minister was likely to meet in the evening senior Finance Ministry officials including Finance Secretary R S Gujral, Economic Affairs Secretary R Gopalan, Financial Services Secretary D K Mittal and Chief Economic Advisor Kaushik Basu.
Singh, who himself is a renowned economist, has taken charge of the Finance Ministry at a time when the country's GDP growth rate has fallen to a 9-year low and the rupee is depreciating sharply.
He took charge of the finance portfolio yesterday following the resignation of Pranab Mukherjee, who is the UPA's candidate for the presidential election.
India's economic growth rate slipped to nine-year low of 6.5 per cent in 2011-12 and current account deficit (CAD) has touched a high of 4 per cent.
Inflation, meanwhile, was high at 7.55 per cent in May.
Rupee is has plunged sharply in recent weeks especially on account of foreign fund outflows and gloomy investor sentiments. It has lost over 20 per cent against the US dollar over the past few months.