Rupee crash compels KIA to suspend car bookings

Rupee crash compels KIA to suspend car bookings

Lucky Motor Corporation (LMC) on Friday announced to suspend all the bookings of KIA vehicles due to the significant fall in the Pakistani Rupee (PKR).

The company said that the bookings will reopen when the local currency once stabilizes against the dollar.

The local currency devalued by PKR 31.71 or 14 per cent against the dollar during past two days on January 27, 2023.

The rupee ended PKR 255.43 in the interbank foreign exchange market on January 26, 2023, which was the historic low against the greenback. The rupee also made historical single day loss against the dollar of Rs24.54.

Currency experts said that the IMF talks resumption and sharp decline in the foreign exchange reserves kept the rupee under pressure.

Recently, a former finance minister had claimed that the government was controlling the exchange rate. The actual rate of the dollar is PKR 295, as the former finance minister claimed.

The company said in a press release that, we at LMC, have always believed in being fair and transparent with our customers.

Being a customer centric organization, we want to ensure that our customers are well informed with first-hand about the decisions that we take.

Keeping true to this ideology, we would like to share that, owing to the recent significant volatile of US dollar against Pakistani Rupee, we have no other option but to temporarily suspend booking of all KIA vehicles.

We would like to affirm that once the USD parity with PKR stabilizes, we will resume the booking of all KIA vehicles.

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