KARACHI (Reuters) - The Pakistani rupee fell to a new closing low on Tuesday because of increased dollar demand from importers, but dealers said the local unit was unlikely to post sharp losses in days ahead. The rupee closed at a record 85.54/59 to the dollar, down from 85.45/50 on Monday. There were was pretty heavy demand for the dollar today, which exceeded its supplies and so the rupee fell, said a dealer at a foreign bank. However, its not a panic-like situation, and the rupee is unlikely to start a free-fall from here, he said. Dealers said payments worth $150-200 million were made on Tuesday, mostly for oil imports. I think for the time being the rupee will move in the band of 85.35-85.70, said another dealer. It is unlikely to strengthen too much but at the same time a sharp fall is also not expected.