Rupee hits record low at 89.67 to $

KARACHI: The rupee hit a fresh record low on Wednesday as import payments climbed and exporters clung tightly on to their dollars as the country's economic outlook darkened.

US lawmmakers agreed on Tuesday to freeze $700 million in aid to Pakistan unless it steps up its fight against militant groups, adding to pressure on the country's current account and dwindling reserves.

The rupee traded as weak as 89.67 to the dollar, one bank dealer said.

By 0809 GMT, it was at 89.52/57, compared with Tuesday's close of 89.10/20.

Exporters held on to their dollars because of the bleak economic oulook, putting further pressure on the rupee, dealers said. (Reuters)