The Pakistani rupee continued its decline for the third consecutive day, depreciating 0.04% against the US dollar in the inter-bank market on Thursday.

At the market close, the local currency settled at Rs278.50, a decrease of 10 paisas compared to the previous day’s rate of Rs278.40, according to data from the State Bank of Pakistan (SBP).

In recent weeks, the rupee has largely been trading in the Rs277-278 range against the US dollar as Pakistan progresses with its plan to secure a longer and more substantial International Monetary Fund (IMF) bailout program.

Globally, the US dollar rose to a two-week high against major currencies on Thursday. This was driven by a sell-off in US Treasuries, which increased the appeal of the US currency due to higher US yields and greater demand for safe-haven assets.