The Reserve Bank of India is likely to issue a notification soon on measures to boost the economy, Finance Minister Pranab Mukherjee said on Monday. Economic Affairs Secretary R. Gopalan is in talks with the central bank on taking steps to bolster the economy, he said.

The rupee rallied more than 1 percent on hopes for government measures to halt a slump in the currency, which hit a record low on Friday, with traders saying action to boost long-term foreign investment would be the most effective step.

Mukherjee, who will resign from his post on Tuesday to run for president, said at the weekend that the government would unveil measures on Monday. The fall in the rupee has mirrored a decline in economic growth to a nine-year low.