Rupee sees some improvement against US dollar

KARACHI: The Pakistani rupee saw minor improvement against the US dollar during the opening hours of trading, appreciating 0.14 percent on Thursday.

At around 11am, the rupee was hovering at 294.53, an increase of Re0.4, in the inter-bank market.

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On Wednesday, the rupee closed to its weakest level since May 11 this year against the US dollar, as it depreciated 1.16 percent to settle at 294.93 in the inter-bank.

Globally, the US dollar pushed the yen deeper into intervention territory on Thursday as a resilient US economy underscored the need for higher-for-longer interest rates, while a strikingly ultra-dovish Bank of Japan struggled to defend its policy stance.

The US dollar index touched a two-month high of 103.59.