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Will Toyota and Honda cut car prices amid regulatory changes in auto sector?

10:02 AM | 5 May, 2024
Will Toyota and Honda cut car prices amid regulatory changes in auto sector?

KARACHI – All eyes are on leading Japanese carmakers including Toyota and Honda as top car makers including Suzuki announced massive drop in price.

Reports shared in local media claimed that Honda Atlas and Toyota Indus decided not to jump on bandwagon, initiated by Lucky Motor Corporation Ltd (LMCL) and Pak Suzuki Motor Company Ltd (PSMCL).

Despite receiving inquiries from dealers and customers regarding recent price adjustments in the market, Honda reportedly decided to maintain its current prices. The company cited stable forex rates and material costs as reasons for this decision.

Indus Motor Company (IMC) also opted out of the fresh trend and stated that it will not change its prices for the time being. The auto giant has been conscious of passing on any benefits to its customers and has previously reduced the prices of its entire product line, including selected variants of Toyota Yaris.

Earlier, KIA reduced the price of the Stonic EX Plus model by Rs1.513 million, likely leading to lower premiums or on-money charges from buyers.

Meanwhile, Customers are eager to purchase the Stonic before the Budget 2024-25 to avoid potential government-imposed duties and taxes.

The move comes amid facing challenges such as clearing unsold stocks and piling up inventory, while automakers are hopeful that its sales and marketing strategies will be successful.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - Pak Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 25 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 25, 2024 (Tuesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.5 for buying and 280.65 for selling.

Euro's buying rate stands at 293.5 and selling rate is 297.2 while British Pound rate is 348.5 for buying, and 351.45 for selling.

UAE Dirham AED was at 75.05 and Saudi Riyal at 72.95.

Currency Rates in Pakistan

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.65
Euro EUR 293.5 297.2
UK Pound Sterling GBP 348.5 351.45
U.A.E Dirham AED 75.05 75.85
Saudi Riyal SAR 72.95 73.85
Australian Dollar AUD 182.2 184
Bahrain Dinar BHD 740.58 748.58
Canadian Dollar CAD 203 205
China Yuan CNY 38.35 38.75
Danish Krone DKK 39.91 40.31
Hong Kong Dollar HKD 35.67 36.02
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.9 1.98
Kuwaiti Dinar KWD 907.74 916.74
Malaysian Ringgit MYR 59.07 59.67
New Zealand Dollar NZD 170.38 172.38
Norwegians Krone NOK 26.38 26.68
Omani Riyal OMR 723.26 731.26
Qatari Riyal QAR 76.5 77.2
Singapore Dollar SGD 72.95 73.85
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 311.53 314.03
Thai Bhat THB 7.58 7.73

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