Intra-day update: rupee strengthens against US dollar

The Pakistani rupee maintained momentum against the US dollar, appreciating 0.08% during the opening hours of trading in the inter-bank market on Thursday. At 10am, the currency was hovering at 281.20, a gain of Re0.23 against the greenback. On Wednesday, the local unit closed at 281.43. Internationally, the US dollar was steady on Thursday, holding its overnight gains, as traders weighed the prospect of a measured Fed easing cycle in the wake of a cautious tone from policymakers while awaiting data that may outline the impact of tariffs. Traders have priced in 43 basis points of easing in the remaining two policy meetings this year, although comments from officials, including Federal Reserve Chair Jerome Powell, indicate that a lot will depend on the upcoming inflation and labour data.