Intra-day update: rupee registers gain against US dollar

The Pakistani rupee saw a slight gain against the US dollar, appreciating 0.08% during Tuesday’s opening hours of trading in the inter-bank market. At 10am, the currency was hovering at 281.03, a gain of Re0.22 against the greenback. On Monday, the local unit closed at 281.25. Internationally, the Japanese yen weakened to a two-month low against the US dollar on Tuesday as attention in Japan turned to who may join the cabinet of fiscal dove Sanae Takaichi after her party leadership victory. Takaichi was considered to be the most dovish among the five candidates in Japan’s Liberal Democratic Party race on Saturday to replace hawkish Prime Minister Shigeru Ishiba. The euro remained on a fragile footing following the resignation of France’s prime minister and European Central Bank officials said a rate cut may be necessary.