Intra-day update: rupee records gain against US dollar

The Pakistani rupee strengthened against the US dollar, appreciating 0.07% during the opening minutes of trading in the inter-bank market on Monday. At 10am, the local currency was hovering at 280.23, a gain of Re0.19 against the greenback. During the previous week, the Pakistan rupee posted a marginal gain, appreciating by Re0.10 or 0.04% against the US dollar in the inter-bank market. The local unit closed at 280.42, against 280.52 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP). Globally, the US dollar steadied on Monday after two weeks of selling, ahead of a week crammed with central bank meetings and headlined by the US Federal Reserve, where an interest rate cut is all but priced in, but a divided committee makes for a wild card.