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 Thursday. At 10am, the local currency was hovering at 279.78, a gain of Re0.19 against the greenback. On Wednesday, the local unit closed at 279.97. Globally, the yen held onto overnight gains on Thursday but was pinned near 18-month lows as traders remained wary of intervention after strong warnings ahead of an election in Japan that could usher in more fiscal stimulus and keep the currency constrained. The yen fetched 158.554 per dollar in early Asian hours after firming 0.4% in the previous session as Japanese Finance Minister Satsuki Katayama issued another verbal warning.