KARACHI (Reuters) - The Pakistani rupee hit a record low on Tuesday amid increased payments for imports and gloomy sentiment surrounding the country's economic and political outlook. It was the third trading day in a row the local currency took a beating, and dealers expect downward pressure to continue. The rupee closed at 87.22/27 to the dollar, compared with Monday's close of 87.15/20. "During the day, the rupee was traded at 87.36 to the dollar as there were three, four oil payments," said a dealer at a local bank. The figure compares with the previous record low of 87.23 made on Monday. Stalled payments from a bailout programme by the International Monetary Fund (IMF) are also hammering the rupee. The IMF has criticized the Pakistan government for its patchy implementation of fiscal reforms and has held back the sixth tranche of an $11 billion bailout programme since August last year. IMF and Pakistan officials were due to meet last month, but the meeting was delayed and no new date announced. Some support, however, could come from higher remittances from overseas Pakistanis. According to official data, remittances rose 38.57 percent to $1.1 billion in the first month of 2011/12 fiscal year, compared with $791.18 million in the same period last year. Banks and stock markets will be closed from Wednesday to Saturday due to Eid-ul-Fitr. The Karachi stock market took cues from the world markets and ended nearly 1.5 per cent higher. Global stocks rose to their highest in nearly two weeks on Tuesday, while safe haven assets like the Swiss franc and German Bunds were subdued, encouraged by signs that the US economy was not headed towards a recession as yet. The KSE benchmark 100-share index closed 166.70 points higher at 11,070.58. Volume was 53 million shares, compared with 36.82 million shares traded on Monday. "Recovery in global stocks and commodities led the bullish sentiment," said Ahsan Mehanti, director at Arif Habib Investments Ltd.