Pakistani rupee is getting devalued against the US dollar. In the recent development, the dollar has reached to PKR 119.5 in the open market. And now it seems that due to fluctuation in dollar price, the rate of cars once again will increase. Not only the rates of vehicles but also the prices of petroleum products might surge amid rupee devaluation. This is for the second time this week that the price of the dollar has surged.
The local car makers Honda Pakistan, Pak Suzuki, Indus Motors Company and Al-Haj, has already increased the prices of their vehicle’s lineup twice this year and it seems that the prices would soar again. One of the main reasons which the automakers give when increasing the rates is the devaluation of rupee against the US dollar. And that is happening again. Even at the Competition Commission of Pakistan CEO Indus Motors Mr. Jamali asserted that rupee depreciation was one of the main reasons they were forced to increase the prices. So, it is highly possible that car prices will rise in the coming days. And if the local manufacturers do; increase the price, it would be interesting to see the reaction of the public.
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Two days back Dollar surged to PKR 118.5, and it was looking that it will not go further; however, the rising dollar created a buzz and made panic in the market.
The adviser to Prime Minister on Finance, Miftah Ismail was reportedly saying that government would not devalue the rupee further, but in reality, it’s getting devalued. And the impact of this devaluation will fall on the general public; they are the ones who will suffer more.
It is reported by many local media outlets that the government will devalue the rupee for the third time this year. Furthermore, one important thing to mention here is that the State Bank of Pakistan has devalued rupee by 9.5% in this year alone.
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