Rupee recovers; trades at 40.84/85 per USD

Mumbai, Jun 14: Indian Rupee staged a moderate recovery and gained by 12 paise at Rs 40.84/85 per U S Dollar from the previous close of 40.96/97 on sustained dollar selling by foreign banks in the interbank foreign exchange market today.

The local currency made a firm start at 40.81/83 per U S Unit.

It fell to the low of Rs 40.91 during the course of trading in the morning trade before trading at Rs 40.84/85, dealers said.

''There was a good supply of American Greenbacks in the market, and the selling by foreign banks as well as a firm trend in Asian Currencies, pulled up the Rupee from its lower level,'' said a Senior Forex Dealer at the leading private commercial bank.

The Rupee touched a nine-year peak of 40.28 in late May this year. It had gained by over eight per cent against the U S Dollar.

UNI