The Pakistani rupee experienced a slight dip on Thursday, weakening by 0.04% against the US dollar in the interbank market.

The currency closed at Rs278.61, down Rs0.10 from the previous day’s close of Rs278.51.

Over the past few weeks, the rupee has traded within a narrow range of Rs277-279 against the dollar as Pakistan continues its efforts to secure a larger and longer-term bailout package from the International Monetary Fund (IMF).

Globally, the US dollar saw a minor decline on Thursday, with trading subdued ahead of the release of the US inflation report later in the day. Meanwhile, the British pound strengthened as expectations for an August interest rate cut from the Bank of England (BoE) diminished.