Intra-day update: rupee registers gain against US dollar

The Pakistani rupee improved against the US dollar, appreciating 0.05% during the opening hours of trading in the inter-bank market on Monday. At 10:05am, the currency was hovering at 281.02, a gain of Re0.15 against the greenback. During the previous week, the Pakistan rupee posted a marginal gain for another week as it appreciated by Re0.09 or 0.03% against the US dollar in the inter-bank market. The local unit closed at 281.17, against 281.26 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP). Internationally, the US dollar recovered from a selloff in early trade on Monday as investors hoped Washington may temper its latest escalation of the trade war with Beijing, while political developments in France and Japan undermined the euro and the yen. The dollar index, which measures the greenback’s strength against a basket of six currencies, edged higher to 99.002, retracing some losses sustained after US President Trump announced 100% tariffs on China.