Rupee increases against dollar in interbank

ISLAMABAD: The rupee made marginal gains in its value against the dollar in the interbank market on Thursday, insiders said. The local currency was being traded at Rs282.50 after gaining 40 paisas in the early morning trade.

The greenback closed at Rs282.90 after depreciating by 11 paisas in the interbank market.

Globally, the US dollar found a footing on Thursday as a sudden end to a strong rally for US stocks had investors looking for safety.

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Elsewhere heavy selling in the final hour of equities trade on Wall Street sent a ripple of risk-aversion through markets, lifting what had been an under-pressure greenback from lows.

Since December 12, the rupee has been appreciating. According to the caretaker government, the local currency started gaining strength after a crackdown on illegal money exchangers and hoarders.