Intra-day update: rupee registers gain against US dollar

The Pakistani rupee continued to gain against the US dollar, appreciating 0.07% during the opening hours of trading in the inter-bank market on Wednesday. At 10am, the local currency was hovering at 280.87, up by Re0.19 against the US dollar. The local unit closed at 281.06 on Tuesday. Internationally, the US dollar weakened in early Asian trade on Wednesday, edging back from its highest level against the Japanese yen in a week, as a tumble in gold prices triggered a rebalancing across various safe-haven assets. Gold fell as much as 2.9% to a low of $4,003.39 amid a broad decline in precious metals, retracing a rally that has seen the yellow metal’s biggest yearly gains in almost half a century.