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Rupee recovers by 3 paise

The spot dollar opened at Rs 39.71-73, on overnight's demand from corporate sectors and banks to import covering which leaped dollar to Rs 39.76-78 in the intraday trading subsequently the State Bank of India sold sizeable amount of greenback around the last round of trading that strengthened the Indian rupee to Rs 39.66-68 before day's finish at Rs 39.68-69.

However, forward premiums rose marginally, four-day spot rate was quoted at 0.75 paise premium. Monthwise premium were quoted in paise are: 2-3 for April, 18-20 for May, 44-46 for June, 70-73 for July, 100-103 for August, 132-135 for September and 164-166 for October.

A nominal amount of export and import booking was conducted in near forward and marginal amount of export booking was done in farforward basis in merchant section.

The world major currencies -- pound sterling was quoted at Rs 66.75, Deutsche mark at Rs 21.91, and yen at Rs 30.17 per 100 in cross currency section.

The Reserve Bank of India has fixed the reference rate for the US dollar at Rs 39.73 as against Rs 39.69 on the last working day.

UNI