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After Honda and Toyota, Suzuki also shuts down its plant

10:59 PM | 18 Oct, 2023
Suzuki Plant
Source: File Photo

Following Toyota and Honda, Pak Suzuki has decided to close its automotive manufacturing plant for two days, October 25 to October 27, 'due to a shortage of inventory.'

However, the automotive giant will continue to run its motorcycle manufacturing throughout this time. Honda Atlas confirmed earlier today that its factory would be closed from October 24 to October 31.

Similar to this, Indus Motor Company (IMC), the Toyota car manufacturer in Pakistan, chose to halt production for a month. The company's facility will be shut down until November 17 for a whole month.

Once production resumes, it's likely that automakers will lower the cost of their vehicles. This is due to a major improvement in the currency rate in US dollar in recent weeks, which saw the rate drop from above Rs. 300 to Rs. 280 per dollar as of the most recent release. The car industry depends significantly on imports, therefore this will cut production costs for the businesses. Another concern is whether they pass this benefit along to automobile consumers.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 29 Feb 2024

Pakistani rupee remains stable against US dollar in the open market on February 29, 2024 (Thursday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.1 for buying and 282.35 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 352 for buying, and 355.5 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 74.3.

Today’s currency exchange rates in Pakistan - 29 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.1 282.35
Euro EUR 303 306
UK Pound Sterling GBP 352 355.5
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.3 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.11 751.11
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.69 41.09
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 907.32 916.32
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36 26.66
Omani Riyal OMR 725.68 733.68
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317.76 320.26
Thai Bhat THB 7.76 7.91

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