Increasing utility expenses and record depreciation in Pakistani rupee, which in last month has only depreciated by almost 5 per cent against Japanese Yen (from 1.0980 to 1.152) and 4 per cent US$ (from 86 to 89), has forced Indus Motor Company (IMC) to marginally increase the retail prices of Corolla, Cuore and Hilux variants with immediate effect. According to the statement issued from IMC today, prices have been increased by around 1.5 per cent only on account of very steep decline in Pak rupee against US$ and Japanese Yen, which is making the imported CKD kits and local vendor parts more costly, as the raw materials of vendors are also imported. Company spokesperson, commenting on price increase said, “We have been absorbing most of the costs on account of depreciating rupee so far, however, recent decline has forced us to marginally increase our prices.”
