Intra-day update: rupee climbs upward against US dollar

The Pakistani rupee recorded marginal improvement against the US dollar, appreciating 0.07% during the opening hours of trading in the inter-bank market on Monday. At 10am, the currency was hovering at 280.43, a gain of Re0.19 against the greenback. During the previous week, the Pakistan rupee posted marginal gain as it appreciated by Re0.10 or 0.04% against the US dollar in the inter-bank market. The local unit closed at 280.62, against 280.72 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP). Internationally, the US dollar was steady and traders were wary on Monday as intervention risks swirled around the yen, with the gilt market on edge ahead of a British budget in a holiday-interrupted week where a New Zealand policy meeting is also expected to deliver a rate cut. A holiday in Tokyo lightened trade in Asia and left the yen drifting lower at 156.71 per dollar in the early morning.