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Pak Suzuki puts the brakes on production again amid dollar crunch

10:43 PM | 8 Feb, 2023
Pak Suzuki puts the brakes on production again amid dollar crunch
Source: File Photo

KARACHI – Pak Suzuki Motor Company (PSMC) on Wednesday announced halting its automobile products for five days as the automaker is facing shortage of inventory due to non-issues of letters of credit (LCs) by banks amid dearth of dollars.

Several import-based business are struggling to continue the operation as foreign exchange reserves held by the central bank dropped to an alarming level of around $3 billion.

The one of largest auto manufacturer in the country has informed about its decision to the Pakistan Stock Exchange in a letter, stating that "due to continued shortage of inventory level, the management of the company has decided to shut-down automobile plant from February 13, 2023 to February 17, 2023".

However, the Pak Suzuki’s motorcycle plant would not be shut down.

It is the fourth time that the company is shutting down its car plant since the start of the year 2023.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - PKR to US Dollar, Euro, Pound, Dirham, and Riyal - 21 April 2024

Pakistani currency remains unchanged against US Dollar and other currencies on April 21, 2024. US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro stands at 293 for buying and 296 for selling while British Pound hovers at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.20 and Saudi Riyal's new rate was at 73.30. 

Today’s currency exchange rates in Pakistan - 21 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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