KARACHI: The Pakistani rupee extended its slide on Tuesday, hitting a record low of 88.28 to the dollar on increased import payments, dealers said.
"There are few payments but the sentiment is very weak about the global economy and Pakistan's economy as well," said a dealer at a bank.
According to a poll conducted by Reuters last week, investors have grown more bearish on most emerging Asian currencies in the last two weeks as Europe's debt crisis deepened.
Pakistan's foreign exchange reserves fell to $16.96 billion in the week ending Nov. 18, after hitting a record $18.31 billion in the week ending July 30.
The rupee was trading at 88.15/20 to the dollar at 1:54 p.m. (0854 GMT), compared with Monday's close of 88.02/07.
The previous low was 88.18 earlier on Tuesday.
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