Intra-day update: rupee gains ground against US dollar

The Pakistani rupee strengthened against the US dollar, appreciating 0.05% during Wednesday’s opening hours of trading in the inter-bank market. At 10am, the currency was hovering at 280.73, a gain of Re0.14 against the greenback. On Tuesday, the local unit closed at 280.87. Internationally, the safe-haven Japanese yen and US dollar garnered demand on Wednesday as an aggressive tech-led selloff on Wall Street spilled over into Asia. The risk-sensitive Australian dollar remained weak after a 0.8% slide against the greenback on Tuesday, while the New Zealand dollar fared even worse. It hovered at a nearly seven-month low following a rise in the unemployment rate to the highest level since 2016. Against the Aussie, New Zealand’s currency languished at a 12-year trough.