Auto financing in Pakistan reaches record Rs338 billion in Sep

KARACHI: The auto financing in Pakistan has posted a record high for the month of September, as total loans for automobiles facilitated by banks have reached Rs338 billion, 45.5 per cent higher than the same period last year, ARY News reported Thursday quoting banking sources.

In the same month last year, auto financing saw Rs232 billion extended to buyers via financial institutions, 45.5pc less than now.

The quoted Rs338 billion figure is an aggregated auto financing number by Pakistani banks in the month of September.

These numbers are 3.8 pc higher than that of the preceding month, August 2021, when total auto financing in the country stood at Rs326 billion.

September has recorded Rs12 billion more in auto financing than August, the sources told ARY News.

US dollar marches past Rs174 mark against rupee

It is pertinent to note that today the US dollar continued its flight against the Pakistani rupee and surged past the Rs174 mark during intra-day trading on Friday.

According to forex dealers, the greenback opened at Rs173.96 in the interbank market and appreciated 34 paisas in early trade, touching the highest ever mark at Rs174.30.

On Thursday, the US dollar closed at 173.96 against the rupee, registering an appreciation of Rs0.49 or 0.28 per cent over Thursday’s close of Rs173.47, according to the State Bank of Pakistan (SBP).