Thus if you are going to make the case that the government should smooth policy based fluctuations in prices, then you should make the general case that the government should use subsidies to smooth other prices for businesses.
While commodity prices are being fueled in part by excess liquidity chasing risk, as developed economies follow through with loose monetary policy, the dynamics behind emerging market currency fluctuations, especially the real, are traced out by their interaction with China.
Budget balance on average, together with wide and well-timed fluctuations around the average according to circumstances, is clearly the policy to aim for.