Intra-day update: rupee records gain against US dollar

The Pakistani rupee strengthened against the US dollar, appreciating 0.06% during the opening minutes of trading in the inter-bank market on Wednesday. At 10am, the local currency was hovering at 280.23, a gain of Re0.17 against the greenback. On Tuesday, the local unit closed at 280.40. Globally, the yen looked punch-drunk on Wednesday after a sudden spill overnight, pressured by wide interest rate differentials between Japan and the rest of the world even as its central bank is widely expected to tighten policy next week. The US dollar was broadly steady, and moves in other currencies were muted ahead of a key Federal Reserve policy decision later in the day, where investors are wagering on a cut in what is likely to be one of the most fractious meetings in years. The yen was little changed at 156.82 per dollar, after a 0.6% fall towards the 157 level in the previous session despite no obvious trigger.