KARACHI  - The Pakistani rupee hit a new record low against the US dollar on Thursday amid rising import pressures and ongoing negative economic and political sentiments. The rupee fell to 69.91 per dollar, compared to a multi-year low of 69.94 hit on May 21. The pair was worth 69.15 at Wednesday's close. The latest plunge in the rupee was triggered by two days of new spikes in international oil prices and dwindling foreign exchange reserves in the central State Bank of Pakistan, which has lost 4.5 billion dollars during the last 6 months. "There are no new foreign investments in the Karachi Stock Exchange or elsewhere in the economy, creating further pressures on the rupee," said Nabeel Iqbal, head of research at Khannani and Kalia, the country's largest private foreign exchange firm. "The fundamentals are not hidden and in the absence of any growth in exports or fresh inflows, the pressure from rising oil prices, we are seeing the rupee weaken," said a dealer. The currency has dropped 13.3 percent this year as the economy feels the brunt of rising oil and food costs. The rupee declined to more than 70 to the dollar, after losing 15 per cent in three months, due to weak fundamentals and uncertainty in the financial sector since the February 18 elections. The main Karachi bourse's KSE-100 Index has also lost about 24 per cent since the beginning of the year. The central bank subsequently took steps to stabilise the rupee and dampen speculation against it, but there has been a steady drip in foreign currency reserves because of the weight of demand for dollars from importers. Political uncertainty over the fate of embattled Pervez Musharraf and numerous disputes within the fractured ruling coalition are keeping foreign investors at bay, analysts said. Pakistan imports 85 per cent of its energy needs and saw its oil import bill increase by more than 35 per cent to 9 billion dollars in fiscal 2007-08 which ended June 30.