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Honda shuts down its plant for a week amid inventory and parts shortages

10:18 PM | 18 Oct, 2023
Honda shuts down its plant for a week amid inventory and parts shortages

Honda is the latest company to announce the closure of its manufacturing facility as a result of inventory and part shortages that auto manufacturers are still struggling with.

The business will be closing its facility from October 24 to October 31 for a whole week. Honda stated in their statement that "In case of any change in plan will be updated accordingly."

It should be mentioned that the business had previously halted production for a period of time. The automotive giant put a temporary halt to its production in March, which lasted until May.

Toyota Indus Motor Company (IMC) had also previously announced a production halt due to a lack of stock. It will continue to cease production until November 17.

Once production is resumed, each of these companies will reveal new prices for their automobiles. This is due to a significant increase in the US dollar to Pakistani rupee exchange rate, which went from Rs. 307 per US Dollar to Rs. 280. If the exchange rate stays stable at its current level, the auto industry's reliance on imports will most likely soon lead to reduced car costs.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 24 Feb 2024

Pakistani currency remains largely stable against US dollar and other currencies in the open market on February 24, 2024.

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

On Saturday, Euro stands at 302  for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 24 February 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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