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Indus Motor shuts down plant for two weeks

09:53 AM | 21 Jul, 2023
Indus Motor shuts down plant for two weeks
Source: File photo

KARACHI – Indus Motor Company Limited, a leading player in Pakistan’s automotive industry and the manufacturer of Toyota vehicles, has taken the decision to temporarily shut down its production plant for a duration of two weeks.

This move comes in response to significant challenges the company has been facing in importing raw materials, which have led to disruptions in its supply chain. Last month, the company experienced a brief shutdown due to similar raw material import issues, but the current situation has worsened, leaving them with inadequate inventory levels to sustain production.

The company’s secretary released a statement outlining the difficulties they and their vendors are encountering in importing raw materials and clearing consignments. Key challenges include problems with opening letters of credit (LCs) and supply issues from certain foreign vendors.

As a result, Indus Motor has no choice but to halt its production activities temporarily. The plant will remain closed from July 21, 2023, to August 3, 2023. It’s worth noting that other prominent automotive manufacturers in Pakistan, such as Pak Suzuki Motors and Honda Cars, have also faced shutdowns due to raw material scarcity in recent months, highlighting a broader issue in the industry.

The shortage of foreign exchange reserves in Pakistan has severely impacted industries reliant on imported raw materials, including the automotive sector. The struggle to open LCs has disrupted the supply chain and resulted in production delays.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pakistani rupee to US Dollar, Euro, Pound, Dirham, and Riyal - 17 April 2024

Pakistani currency saw minor adjustment against global currencies on April 17, 2024. US dollar was being quoted at 277.4 for buying and 280.4 for selling.

Euro comes down to 293.15 for buying and 296.1 for selling while British Pound stands at 344.25 for buying, and 347.6 for selling.

UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 17 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.4
Euro EUR 293.15 296.1
UK Pound Sterling GBP 344.25 347.6
U.A.E Dirham AED 75.45 76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 201 203
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.26 911.26
Malaysian Ringgit MYR 58.24 58.84
New Zealand Dollar NZD 164.75 166.75
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.37 77.07
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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