KARACHI – Pak Suzuki Motor Company has announced the first hike for its popular vehicles in 2023 by increasing the prices of various models by Rs100,000-355,000.
While the auto giant has not cited any reason for the hike, mounting inflation and local currency depreciation are the likely reasons.
The price of its most famous model Alto has been soared to Rs 1,859,000 with price difference of160,000, Wagon R VXR is now available at Rs2,629,000, Cultus VXR at Rs3,039,000, Swift GL M/T at Rs3,479,000, and Bolan VX at Rs1,619,000.
With immediate effect, the rising car prices are as follows:
The worsening economic crisis badly affected the auto sector as the country’s leading carmaker Suzuki has not produced even a single vehicle in 2023.
The other leading players are also facing the severe impact of the dilapidating situation, witnessing several non-production days every week.
Earlier, Honda and Toyota also announced price hike for their cars and SUVs.
Honda Atlas Cars hiked prices of its entire line-up, with the increase going as high as Rs550,000. The company cited exchange rate volatility and inflation in material cost as the reason behind the price-increase.
Indus Motor Company, the assembler of Toyota-brand vehicles in Pakistan, notified a hike in car prices across its entire lineup with the increase in the range of Rs280,000-Rs1,210,000.
Pakistani rupee inches up against US dollar in the open market on 28 March, 2024.
In the open market, the US dollar was being quoted at 278.4 for buying and 281.4 for selling.
Euro moves down to 299.75 for buying and 302.75 for selling while British Pound hovers around 353.75 for buying, and 357.25 for selling.
UAE Dirham AED remains stable at 75.55 whereas the Saudi Riyal saw minor increase, with new rates at 73.70.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 278.4 | 281.4 |
Euro | EUR | 299.75 | 302.75 |
UK Pound Sterling | GBP | 353.75 | 357.25 |
U.A.E Dirham | AED | 75.55 | 76.3 |
Saudi Riyal | SAR | 73.7 | 74.4 |
Australian Dollar | AUD | 182.9 | 184.7 |
Bahrain Dinar | BHD | 739.61 | 747.61 |
Canadian Dollar | CAD | 204.25 | 206.45 |
China Yuan | CNY | 38.74 | 39.14 |
Danish Krone | DKK | 40.30 | 40.70 |
Hong Kong Dollar | HKD | 35.55 | 35.9 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 901.14 | 910.14 |
Malaysian Ringgit | MYR | 59.25 | 59.85 |
New Zealand Dollar | NZD | 168.56 | 170.56 |
Norwegians Krone | NOK | 26.19 | 26.49 |
Omani Riyal | OMR | 724.36 | 732.36 |
Qatari Riyal | QAR | 76.57 | 77.27 |
Singapore Dollar | SGD | 206.25 | 208.25 |
Swedish Korona | SEK | 26.89 | 27.19 |
Swiss Franc | CHF | 313.78 | 316.28 |
Thai Bhat | THB | 7.76 | 7.91 |
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