Intra-day update: rupee records gain against US dollar

The Pakistani rupee strengthened against the US dollar, appreciating 0.04% during the opening minutes of trading in the inter-bank market on Monday. At 10am, the local currency was hovering at 280.05, a gain of Re0.12 against the greenback. During the previous week, the Pakistan rupee posted a marginal gain as it appreciated by Re0.08 or 0.03% against the US dollar in the inter-bank market. The local unit closed at 280.17, against 280.25 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP). Internationally, the Japanese yen recovered some ground on Monday following a steep drop at the end of last week as markets weighed the timing of more interest rate hikes in Japan and the possibility of intervention in thin end-of-year trading.