With the rupee dipping to an unprecedented low, the government is ready to take steps to curb volatility, Chief Economic Advisor to the Finance Ministry Raghuram Rajan said today.

The rupee weakened to an unprecedented 59.9275 per dollar, past the previous all-time low of 58.9850 touched on June 11.

"We are not short of actions or instruments as and when need arises," Rajan said. "We will be alert to development, we do not like volatility and will take actions when necessary."

Rajan also said the Reserve Bank of India would take action to support the rupee as appropriate.