Intra-day update: rupee registers improvement 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 Thursday. At 10am, the local currency was hovering at 280.10, a gain of Re0.17 against the greenback. On Wednesday, the local unit closed at 280.27. Globally, the US dollar held gains against its major counterparts on Thursday as markets positioned for central bank decisions in Britain, Europe and Japan. Sterling remained lower after an unexpected drop in UK inflation backed the case for a rate cut by the Bank of England. The yen trimmed losses from the previous session as the Bank of Japan starts a two-day meeting that is expected to result in a hike in policy rates to a three-decade high.