Indian Rupee ended strong for third consecutive session against the dollar on Monday on positive local equities and persistent dollar selling by exporters and foreign banks. The gains of the local currency were on account of weakness of American greenback against a basket of currencies on disappointing US jobs data on Friday, which fanned speculation that the Federal Reserve would launch more monetary stimulus this week. This heightened expectations for the Fed to announce another round of bond purchases, known as QE3, at a two-day policy meeting that ends on Thursday. Besides, bolstering Euro too kept the sentiment upbeat for Indian currency on Monday.
Finally the rupee ended at 55.45, stronger by 7 paise from its previous close of 55.52 on Friday. The currency touched a high and low of 55.48 and 55.27 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 55.33 and for Euro it stood at Rs 70.74 on September 10, 2012. While, the RBI’s reference rate for the Yen stood at 70.71, the reference rate for the Great Britain Pound (GBP) stood at 88.5037. The reference rates are based on 12 noon rates of a few select banks in Mumbai.