Rupee at record low against dollar, stocks up

KARACHI: Rupee hit a record low on Tuesday for the fifth consecutive trading session amid increased payments for imports and gloomy sentiment surrounding the country's economy, dealers said.

The rupee closed at 87.41/46 to the dollar compared with 87.40/45 on Monday and dealers expect the currency to weaken further in coming days.

"The rupee was traded as low as 87.50 to the dollar and there were at least three major payments today," said a dealer at a foreign bank.

This compared with the previous record low of 87.47 on Monday.

Meanwhile, the stock market ended 1.4 percent higher on foreign and institutional buying on hopes of healthy profits due to be announced in the coming days, dealer said.

Copyright Reuters, 2011