Daily Times

The Pakistani rupee sustained losses for the third consecutive session, depreciating 0.04% against the US dollar in the inter-bank market on Thursday. At close, the local unit settled at 278.50, a loss of Re0.10 against the greenback, as per the State Bank of Pakistan (SBP). On Wednesday, the rupee had closed at 278.40, down by Re0.10. In recent weeks, the local currency has largely been around 277-278 against the US dollar as Pakistan moves forward with its plan to clinch a longer and larger International Monetary Fund (IMF) bailout programme. Internationally, the US dollar scaled a two-week peak against its major peers on Thursday, as a rout in Treasuries improved the currency’s allure due to higher US yields and demand for safe-haven assets. The US dollar pushed to a two-week top versus the euro and extended its rebound from a more than two-month low to sterling following a two-day, 15-basis point jump above 4.6% for long-term Treasury yields.