Intra-day update: rupee gains further ground against US dollar

The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.05% during the opening hours of trading in the inter-bank market on Wednesday. At 10am, the currency was hovering at 280.72, a gain of Re0.15 against the greenback. On Tuesday, the local unit had closed at 280.87, the highest in nearly six months. Globally, the US dollar hovered close to a one-week low versus major peers on Wednesday ahead of a widely expected interest rate cut from the Federal Reserve later in the day. The greenback lost additional ground against the Japanese yen after US Treasury Secretary Scott Bessent signaled the new Japanese government is open to Bank of Japan rate hikes, ahead of a policy decision on Thursday.