Rupee hits record low of 89.02 to dlr

Rupee hits record low of 89.02 to dlr

The Pakistani rupee hit a record low for the fifth consecutive day on Friday due to increased import payments, the country's bleak economic outlook and an overall weakening of regional currencies.

"The rupee was traded at 89.02 (to the dollar) and there are some (import) payments of about $50 million to $60 million today," said a bank dealer.

The rupee was trading at 88.92/89.02 to the dollar at 11:21 a.m. (0621 GMT), compared with Thursday's close of 88.73/83. The rupee has lost 3.8 percent this year.

In part, the Pakistani rupee's fall reflects pressure most regional currencies are facing. The Indian rupee lost 6.7 percent during November, before rallying on Thursday after the world's six major central banks initiated coordinated action to help ease the euro zone crisis.

Dealers said relations between Pakistan and the United States were also worrisome, after a cross-border attack by Nato that killed 24 of the country's soldiers at the weekend.

U.S. and Pakistani relations affect the rupee because Washington has influence with international lending agencies.

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