KARACHI (Reuters) - The Pakistani rupee hit a record low on Monday, touching 88.08 to the dollar on increased import payments and negative regional sentiment on currencies. The rupee closed at 88.02/07 to the dollar, compared with Fridays close of 87.75/80. The currencys previous low was in September, at 87.92. There were some import payments but there is generally cautious to weak sentiment about currencies of the region, and a bleak outlook for Pakistans economy, said a dealer at a foreign 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 Europes debt crisis deepens. Dealers said there was also some pessimism regarding the countrys economy. Pakistans 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. Dealers said the rupee was under pressure despite rising remittances from overseas Pakistani. According to official data, remittances rose 23.24 percent to $4.3 billion in the first four months of the 2010/11 fiscal year (July-June), compared with $3.50 billion in the same period last year. Remittances rose to $1.02 billion in October, compared with $855.11 million received in October last year. However, dealers cautioned that a widening current account deficit means the local currency could experience further downward pressure in the days ahead. Pakistans current account deficit stood at a provisional $220 million in October, compared with a deficit of $1.034 billion in the previous month, the central bank said. For the July-October period, the deficit stood at a provisional $1.555 billion, compared with $541 million in the same period last year, according to data from the State Bank of Pakistan. The International Monetary Fund (IMF) also assessed that the outlook for Pakistans economy for the current year ending June 2012 was challenging, dealers said. In a statement last week, the IMF said that ongoing security concerns were likely to limit capital inflows.