Strengthening for the fifth consecutive session, Indian rupee ended stronger against dollar on Monday on increased selling of the greenback by exporters and banks. Besides smart rally in local equity market also added to the sentiment of the rupee. A fall in dollar against major world currencies globally, after a weak US jobs data fuelled speculation that the world's largest economy is not ready for an interest rate hike any time soon also helped the domestic currency to strengthen. Some support also came with the Finance Minister Arun Jaitley's statement which reiterated that India is ready to be one of the new drivers of growth of the world economy. On the global front, the dollar slipped against a basket of currencies overseas, after traders pushed back rate hike expectations on the weaker U.S. jobs report.
Finally, the rupee ended at 65.29, 22 paise stronger from its previous close of 65.51 on Thursday. The currency touched a high and low of 65.33 and 65.19 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.29 and for Euro stood at 73.39 on October 5, 2015. While, the RBI’s reference rate for the Yen stood at 54.39 the reference rate for the Great Britain Pound (GBP) stood at 99.3134. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
