Intra-day update: rupee registers gain against US dollar

The Pakistani rupee registered gain against the US dollar, appreciating 0.06% during the opening minutes of trading in the inter-bank market on Tuesday. At 10am, the local currency was hovering at 279.83, a gain of Re0.18 against the greenback. On Monday, the local unit closed at 280.01. Internationally, the US dollar held to its losses on Tuesday after the Trump administration opened a criminal investigation into Federal Reserve Chair Jerome Powell, a move that threatens the central bank’s independence and faith in US assets. Investors were still trying to come to grips with news of the probe revealed late on Sunday, a move that drew condemnation from former Fed chiefs and marked a dramatic escalation in the US president’s campaign to pressure the central bank into cutting rates faster.