Intra-day update: rupee inches upward against US dollar

The Pakistani rupee strengthened further against the US dollar, appreciating 0.05% during the opening hours of trading in the inter-bank market on Thursday. At 10am, the local currency was hovering at 280.42, a gain of Re0.14 against the greenback. On Wednesday, the local unit closed at 280.56. Internationally, the US dollar was on the back foot on Thursday, with trade thinned ahead of the US Thanksgiving holiday and investors turning to the coming year, where a series of US interest rate cuts are priced in. The yen drifted 0.4% higher to 155.87 per dollar, and the euro clambered above $1.16 in morning trade. A resurgent New Zealand dollar skipped out to a three-week peak of $0.5714 following a hawkish shift at the central bank and strong economic data.