Intra-day update: rupee maintains grip against US dollar

The Pakistani rupee strengthened against the US dollar, appreciating 0.08% during the opening hours of trading in the inter-bank market on Friday. At 10am, the currency was hovering at 280.97, a gain of Re0.23 against the greenback. On Thursday, the local unit closed at 281.20. Internationally, the Japanese yen was set for its steepest weekly drop in a year on Friday, as investors fretted about the fast-receding chances of another rate hike this year. Comments from Japan’s likely next prime minister failed to soothe market jitters. The yen was last steady at 153.12 per US dollar in early Asian hours, hovering near its weakest level since mid-February. The Japanese currency is on pace for a nearly 4% drop in the week, its biggest decline since early October last year.