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Rupee recovers to end at Rs 40.18-20

The Indian rupee opened at 40.25-40. According to dealers, there was heavy demand from banks and corporates, which resulted in wide spreads and the rupee sliding to Rs 40.30-35. The State Bank of India, the nation's largest commercial bank, sold dollars which aided the rupee to climb to Rs 40.10 by 1530 hours IST. The rupee finally closed at Rs 40.18-20.

The Reserve Bank of India was absent from the spot section but sold heavily for the months of June and July.

Cash/spot and cash/tom closed at 13- 16 paise while tom/spot ended at level. The monthly forwards (in paise) were 32-34 for January, 98-100 for February, 152-157 for March, 183-188 for April, 222-226 for May, 250-260 for June and 275-285 for July.

The six-month annulised premia closed at 13.64 per cent.

The rupee closed at Rs 65.66 against the pound sterling, Rs 31.27 for yen (per 100) and Rs 22 for the Deutsche mark. Overseas trading was dull with little movements in major currencies.

Elsewhere, the RBI fixed the reference rate at Rs 40.36 against the previous fix of Rs 40.27.

UNI