Rupee improves after trending downward for 2 days

After depreciating against the greenback on Wednesday, the rupee returned to extending gains against the dollar on the interbank market by Rs2.09. For most of September, the rupee saw gains upwards of 6pc, which followed an administrative crackdown on the informal currency market, eventually becoming the best-performing currency for that month. The gains saw a reversal by October 17. Analysts attributed the reversal of the trend to a higher demand for the greenback in the banking market for upcoming foreign payments. According to the Forex Association of Pakistan, the dollar stood at Rs278.20 against the rupee at 10:07am on Thursday from the previous close of Rs280.29.