KLMC Halts KIA Vehicle Bookings Due to Pakistani Rupee Decline

Due to the sharp decline in the Pakistani Rupee, Lucky Motor Corporation (LMC) on Friday stated that it will stop accepting any new reservations for KIA automobiles.

Bookings will resume, according to the corporation, once the value of the local currency in comparison to the dollar has stabilized.

On January 27, 2023, the local currency lost PKR 31.71, or 14%, versus the dollar during the previous two days. The rupee reached a historic low against the dollar on January 26, 2023, closing at PKR 255.43 on the interbank foreign currency market. Additionally, the rupee suffered a 24-rupee loss on a single day for the first time in history.

The IMF negotiations’ restart and the significant decrease in foreign exchange reserves, according to currency analysts, placed the rupee under pressure. A recent allegation that the government was in charge of the currency rate was made by a former finance minister. According to the former finance minister, the dollar is worth PKR 295.

Rida Shahid
Rida Shahidhttps://hamariweb.com/
Rida Shahid is a content writer with expertise in publishing news articles with strong academic background in Political Science. She is imaginative, diligent, and well-versed in research techniques. Her essay displays her analytical style quite well. She is currently employed as English content writer at hamariweb.com.


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