Car prices fall in Pakistan after dollar weakens

KARACHI: The car prices in Pakistan have fallen due to the sharp decline in Pakistani rupee’s value against the US dollar, ARY News reported on Friday.

In a statement, Lucky Motor Corporation (LMC) said it has decided to decrease the prices of KIA vehicles in light of the recent strengthening of the Pakistani rupee in against US dollar.

LMC has announced a reduction of up to Rs500,000 in the pricing of KIA cars.

According to the statement, the prices of Picanto AT, Sportage FWD and AWD and Black Limited Edition have been decreased by Rs100,000, Rs150,000 and Rs350,000, respectively.

Specifically, the prices of the Sorento variants, including the 3.5L FWD, 2.4L AWD, and 2.4FWD, have each been lowered by Rs500,000 in the most recent price adjustment.

It is pertinent to mention here that LMC has implemented these price reductions exclusively for customers who opt for the full payment option.

Earlier in the day, it was reported that the Pakistani rupee (PKR) continued an upward trend against the US dollar in the interbank market, extending its gains for the 22nd consecutive session.

According to the Forex Association of Pakistan, the rupee gained Rs1.09 against the US dollar, trading at Rs282.53 from yesterday’s close of Rs283.62.

In the open market, the dollar depreciated by Rs2, standing at Rs282, according to the Exchange Companies Association of Pakistan.