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 Wednesday. At 10am, the local currency was hovering at 279.82, a gain of Re0.25 against the greenback. On Tuesday, the local unit closed at 280.07. Globally, the US dollar hugged tight ranges on Wednesday ahead of a slew of US economic data that could set the tone for the Federal Reserve’s rate outlook, something traders consider more consequential for currencies than ongoing geopolitical tensions. Markets have thus far largely brushed off deepening geopolitical fractures around the world, with stocks rallying and currencies and bonds little budged following the US intervention in Venezuela and the capture of President Nicolas Maduro.