Intra-day update: rupee records gain against US dollar

The Pakistani rupee strengthened against the US dollar, appreciating 0.09% during the opening minutes of trading in the inter-bank market on Monday. At 10am, the local currency was hovering at 280.00, a gain of Re0.25 against the greenback. During the previous week, the Pakistani rupee posted a marginal gain, appreciating by Re0.06 or 0.02% against the US dollar in the interbank market. The local unit closed at 280.25, compared to 280.31, which it had closed at the week earlier against the greenback, according to the State Bank of Pakistan (SBP). Globally, the yen languished near a record low to the euro on Monday, after Bank of Japan Governor Kazuo Ueda stuck to his usual cautious rhetoric following an interest rate hike on Friday. The Japanese currency traded near an 11-month trough versus the US dollar and just shy of a 17-month low on the Aussie.