Intra-day update: rupee gains ground against US dollar

The Pakistani rupee strengthened against the US dollar, appreciating 0.08% during the opening hours of trading in the inter-bank market on Friday. At 10:05am, the local currency was hovering at 280.33, a gain of Re0.22 against the greenback. On Thursday, the local unit closed at 280.55. Globally, the US dollar was heading for its worst weekly performance since late July on Friday as traders ramped up bets for further monetary easing from the Federal Reserve next month, while liquidity was thinned by the US Thanksgiving holiday. The dollar index, which measures the greenback’s strength against a basket of six major peers, was last trading up 0.1% at 99.624, recovering some ground after five days of decline, which pushed it to its worst one-week loss since July 21.