Pakistani rupee continues grip against US dollar

KARACHI: The Pakistani rupee continued its grip against the US dollar with an appreciation of 0.76% in the inter-bank market on Thursday.

Internationally, the US dollar was perched near a four-week high on Thursday, shrugging off a US credit rating downgrade that cast doubt on the country’s fiscal outlook, and instead got a leg up from strong private payrolls data.

On Wednesday, the rupee had registered a loss for the third straight session against the US dollar and depreciated 0.64% to settle at 289.38.

In a key development, the Senate on Wednesday passed a law allowing the establishment of state-owned Pakistan Sovereign Wealth Fund to stabilise the country’s economy through diversification and to generate wealth for future generations.