India's passenger vehicle sales hurt by higher fuel costs, weaker rupee [Reuters]
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Source: Reuters
India's passenger vehicle sales hurt by higher fuel costs, weaker rupee | Reuters 3 Min Read NEW DELHI (Reuters) - India’s domestic passenger vehicle sales fell 5.6 percent in September from a year ago, data from the Society of Indian Automobile Manufacturers (SIAM) showed on Friday, with demand hurt by rising fuel prices and interest rates. Passenger vehicle sales stood at 292,658 units in September, down from 310,041 units a year earlier. Rising crude oil prices, higher interest rates and a much weaker rupee that has lifted prices of imported vehicles, are weighing on consumer sentiment. This is the first time that year-on-year passenger vehicle sales have fallen in three consecutive months since April 2014, when the economy had slowed and the rupee had also weakened. “Inventories have increased at dealer level and companies are hoping that these would be cleared in the festive season,” Rajan Wadhera, president of the Society of Indian Automobile Manufacturers (SIAM), told reporters
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