Wednesday, February 1, 2023

Toyota Pakistan suspended bookings of its all cars models

Toyota Pakistan has temporarily suspended the taking of new bookings for all of its vehicles. According to a corporate statement, the business has instructed its dealers to cease taking new orders for all Toyota vehicles immediately. Order intake for all Toyota models has suspended until further notice because of “the current unpredictable and turbulent market conditions,” the firm stated in a statement.

In light of the significant depreciation of the Pakistani rupee in relation to the US dollar, Toyota Pakistan suspended bookings. The dollar has risen from Rs. 184 to Rs. 190 in the previous four days, which is a significant increase for a currency of this size. Furthermore, due of the country’s political turmoil, there appears to be no reprieve for the rupee in the foreseeable future.

Because all automobile manufacturers import important components, they have a direct relationship with the exchange rate. As a result, the rupee’s depreciation put pressure on the financial institutions.

According to the experts, the dollar has declined by 15.36 percent from the beginning of the current fiscal year in July 2021, when the current fiscal year began. There is little doubt that the situation will remain volatile until a new government structure is put in place.

Read Also: National High and Motorway Police rewarded drivers with prizes for abiding traffic rules

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