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Rupee firms early after RBI comments

The rupee rose early today, supported by the central bank's assurance it will take more steps to stem the weakness in the currency.

business Updated: Dec 21, 2011 09:29 IST

The rupee rose early on Wednesday, supported by the central bank's assurance it will take more steps to stem the weakness in the currency.

* Subir Gokarn, a deputy governor at the Reserve Bank of India, said on Tuesday the central bank would use other measures to bring stability to the foreign exchange market.

* Last Thursday, the RBI reduced net overnight open position limit of banks to curb excessive volatility and shore up the rupee, which had hit an all-time trough of 54.30 to the dollar.

* The rupee opened firmer at 52.70 after closing little changed at 52.87/88 on Tuesday.