Intra-day update: rupee strengthens against US dollar

The Pakistani rupee continued to strengthen against the US dollar, appreciating 0.06% in the inter-bank market on Thursday. At 10am, the local currency was hovering at 280.78, a gain of Re0.18 against the greenback. On Wednesday, the local unit closed at 280.96. Internationally, the Japanese yen fell on Thursday after the Bank of Japan (BOJ) left rates unchanged, while the US dollar held gains as traders trimmed bets of another US rate cut this year and awaited more details on a potential trade deal between Washington and Beijing. The yen, which fell 0.15% against the dollar to 152.97, is languishing near an eight-month low. In the broader market, there was a muted reaction after a highly anticipated meeting between U.S. President Donald Trump and China’s leader Xi Jinping in South Korea. The meeting lasted nearly two hours. Neither side has yet released further details of the talks. Still, the overall market mood was buoyant as investors bet on a further thaw in icy trade relations between the two nations.