Luxury carmakers look to rev up sales

The luxury car market in India currently accounts for less than 2 per cent of the overall passenger vehicle market in the country.

The rupee has remained largely stable against the US greenback in the current calendar year (CY 2024), depreciating by just 0.59 per cent so far. However, it has considerably weakened against the euro and pound.

The local currency has depreciated by 1.6 per cent against the euro and 5.6 per cent against the pound, as both currencies strengthened against the dollar during this period.

The euro appreciated by 1 per cent, while the pound strengthened by 5 per cent against the greenback in CY24.

"The underlying factor is that both currencies the euro and pound - have appreciated against the dollar because the US Federal Reserve (Fed) is cutting rates and easing monetary policy faster than other central banks," said V R C Reddy, head of treasury at Karur Vysya Bank.