Rupee hits record low vs dollar, closes at 87.61/66

KARACHI: Rupee hit a fresh record low of 87.82 to the dollar on Thursday, due to increased import payments and negative sentiment surrounding the country's economic outlook but closed firmer as some support came in around 87.60.

"The rupee traded at 87.82 per dollar and there were import payments amounting to around $100 million," said a currency dealer at a foreign bank.

The rupee ended at 87.61/66 to the dollar, compared with Wednesday's close of 87.57/61.

The rupee hit its previous record low of 87.59 on Friday but had found some support from higher remittances from Pakistanis working overseas.

According to the official data, remittances rose 40.45 percent to $1.31 billion in August, compared with $933.06 million in the same period last year.

Though there were some inflows, dealers said negative sentiment about Pakistan's economy was affecting the local unit.

Pakistan faces a new crisis as monsoon rains which have killed 226 people sweep through the southern province of Sindh.

Floods have caused only minor damage to the sugarcane and rice crops, officials said, though weeks of downpours have already destroyed about 13 percent of the crucial cotton crop.