Intra-day update: rupee records gain against US dollar

The Pakistani rupee strengthened against the US dollar, appreciating 0.08% during the opening minutes of trading in the inter-bank market on Tuesday. At 10:30am, the local currency was hovering at 279.95, a gain of Re0.21 against the greenback. On Monday, the local unit closed at 280.16. Globally, the US dollar was steady on Tuesday ahead of the Federal Reserve’s release of its December minutes report, which is expected to reveal divisions inside the central bank about next year’s policy pathway. Currency markets were mostly tranquil due to holiday-thinned liquidity as traders looked ahead after a dismal year for the US dollar helped push the euro and sterling to their strongest showings since 2017.