Intra-day update: rupee records gain against US dollar

The Pakistani rupee strengthened against the US dollar, appreciating 0.06% during the opening minutes of trading in the inter-bank market on Tuesday. At 10:05am, the local currency was hovering at 280.15, a gain of Re0.16 against the greenback. On Monday, the local unit closed at 280.31. Internationally, the US dollar sagged to near a two-month low at the start of the Asian trading session on Tuesday as markets awaited the release of a slew of economic data, including the delayed November US jobs report. The dollar index, which measures the currency’s strength against a basket of six key rivals, was down 0.2% at 98.261, approaching the lowest levels since October 17. The Bureau of Labour Statistics will release its long-awaited combined employment reports for October and November later, following delays to data collection during the longest US government shutdown in history. Meanwhile, a raft of preliminary manufacturing indicators is also due for release.