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

The Pakistani rupee continued to strengthen against the US dollar, appreciating 0.07% during the opening hours of trading in the inter-bank market on Monday. At 10:20am, the currency was hovering at 280.52, a gain of Re0.2 against the greenback. During the previous week, the Pakistan rupee posted marginal gain for another week as it appreciated by Re0.10 or 0.04% against the US dollar in the inter-bank market. The local unit closed at 280.72, against 280.82 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP). Internationally, the US dollar firmed slightly on Monday as investors braced for the release of a slew of US economic data following the end of the government shutdown, hoping it would add clarity to the Federal Reserve’s rate outlook in December. Market reaction to US President Donald Trump’s U-turn on more than 200 food products was muted, with some analysts saying the move was not a surprise due to cost-of-living issues.