Steps will be taken to stabilise rupee: PM

With the rupee hitting a record low over Rs57 a dollar, Prime Minister Manmohan Singh on Saturday expressed confidence that some measures being taken to tackle fiscal management will help return the Indian currency to a "more stable" path.

"We are operating a system which is market based exchange rate. We intervene only to curb violent fluctuations. I am confident that measures that I outlined will also return Rupee also to a more stable path," he told reporters on his way back from Mexico.

The Prime Minister had spoken of government's commitment to tackle problems of fiscal management effectively and credibly.

The problems with regard to management of the balance of payments deficit on the current account will also be tackled, he added.

Rupee has hit an all-time low of Rs57.37 for a dollar on sustained demand for the greenbacks from oil importers amid a sharp fall in crude oil prices.

To a question on RBI leaving its interest rates unchanged that left markets and investors disappointed, he said whatever the RBI says, it requires urgent attention of all concerned.