Dollar From Rs. 230 to Rs. 255 – Fresh Car Price Hikes Coming?

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Today is a blood bath as far as the dollar rate in Pakistan is concerned, as it went from Rs. 230 to Rs. 255 in just a day. The market trends show that the US currency slipped Rs24.54 or 9.61 percent from yesterday’s close and came after an unofficial cap on it was removed.

This is the largest one-day drop in both percentage and absolute rate since introducing the new exchange rate formula in 1999. Economic experts and analysts believe this will bring a fresh wave of inflation and uncertainty in Pakistan.

Tweeting on the current situation, the economist Uzair Younis wrote: “This is only Day 1 of a long process. It is also just Step 1 of the unwinding process. After exchange rate adjustments, prices for energy and petroleum will go up. Then will come the impact of shortages as the supply-chain has been severely disrupted. And then come wages.”

Further, commenting on the situation, economic expert Azam Khan tweeted: “So – we like slow or steady depreciation or to lose 20% of our purchasing power one fine day? I’m being generous at 20%. I think we are going to lose 50% over the next year or so.”

Fresh Car Price Hikes? 

So, the question is whether we will see another wave of car prices increase in the coming days. Because the car companies have always blamed the “devaluation of the Pakistani rupee against the US dollar.” It is not hard to guess that we will see a price increase, although the Big 3 have already jacked the rates. Our very own Suneel Munj also believes that after Honda, Toyota and Suzuki, the rest of the companies will follow and increase rates in the coming days. 

Moreover, Ismail Iqbal Securities (IIS) official told PakWheels.com that with an open market, the dollar rate would also increase in interbank, increasing car manufacturers’ costs.

 Answering the question about possible price hikes, Khizar told us that the companies import at an interbank rate, but there are no CKD imports yet. “The car assemblers are currently playing on inventory,” he said. 

In short, expect a series of increases in car prices in Pakistan because the situation will be tougher and more challenging for both companies and consumers. 

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