Intra-day update: rupee gains against US dollar

The Pakistani rupee saw 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 280.63, a gain of Re0.15 against the greenback. On Tuesday, the local unit closed at 280.78. Internationally, the US dollar eased on Wednesday after private-sector US jobs data stoked worries about the health of the labour market, with investors also bracing for an imminent US government reopening that is expected to unleash a backlog of economic releases. Overnight, payroll processor ADP said that US firms were shedding more than 11,000 jobs a week through late October, underscoring how hiring trends are evolving on a week-to-week basis and pointing to further weakening in a labour market being closely monitored by Federal Reserve policymakers.