Karachi: The Pakistani rupee fell to a record low on Tuesday because of increased dollar demand for import payments, especially of oil, dealers said.
A currency dealer said the rupee traded as low as 86.25, beating the previous record low of 86.07 made the previous day. The rupee ended at 86.22/28 to the dollar, compared with Monday's close of 86.10/14.
Dealers expect the local unit to weaken further.
The rupee has lost 1.1 per cent this year, after falling 6.17 per cent in 2009.
Stocks ended higher on hopes the central bank may leave the policy rate unchanged today when it announces its monetary policy for the next two months.
The Karachi Stock Exchange's benchmark 100-share index ended 0.45 per cent, or 44.28 points, higher at 9,981.07. Turnover was 86.74 million shares, compared with 69 million shares on Monday.
