Dollar roars past Rs183

KARACHI: The US dollar made a new high against the rupee on Thursday on prevailing political uncertainty, foreign debt payments, and payment of $900 million to Antofagasta for Reko Diq penalty settlement, dealers said.

The local currency ended the day at another all-time low of Rs183.48 against the dollar, depreciating by 84 paisas from closing level of Rs182.64 of previous session.

“The rupee depreciated on the back of settlement of heavy fine of Reko Diq project as well as foreign debt payments,” dealers said.

“Prevailing political uncertainty in the country is also adversely impacting the rupee value against the dollar as it has created negative sentiments for the local unit against dollar,” they added.

In the open market also, the dollar peaked to all-time high level to settle at Rs185 against the local unit, which was one rupee up against the closing level of the last day.

Samiullah Tariq, head of research at Pak-Kuwait Investment Company, attributed the appreciation of dollar against the rupee to payment of $900 million to Antofagasta for Reko Diq penalty settlement. He said the fine had contributed in devaluation of rupee.