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 Wednesday. At 10am, the local currency was hovering at 280.13, a gain of Re0.17 against the greenback. On Tuesday, the local unit closed at 280.30. Globally, the US dollar was steady on Wednesday and near its lowest since the start of October after data showed the labour market remained soft, leaving investors on edge about when the next rate cut from the Federal Reserve is likely to come. The euro was last at $1.1751 in Asian hours, just shy of the 12-week high it touched in the previous session ahead of the policy decision from the European Central Bank on Thursday, where the central bank is expected to hold rates steady.