Will the rupee survive as it continues its downward spiral for the fourth consecutive time, settling at a bleak 286.56 against the mighty US dollar?

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The Pakistani rupee has lost value against the US dollar for four days in a row, according to the State Bank of Pakistan. The currency fell 0.26%, settling at PKR286.56 ($2.74) by close of play. Meanwhile, the dollar was up by PKR4 at the close of business in the open market. A delay in an agreement with the International Monetary Fund, plus rising noise over the country’s potential to default, is putting further pressure on the currency. Demand for dollars ahead of the Hajj pilgrimage is also adding to the problem. The government has characterised reports that the IMF’s delay in signing an agreement was due to concerns it might be used for political purposes as “false and unfounded”.

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