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Brands - October 22, 2018

Panasonic to raise prices of phones, consumer appliances

There are plans to raise the prices of mobile phones and consumer appliances of Panasonic products as a result of a continuous fall in the rupee’s value against the United States’ dollar.

The company said last week the hike will be in the range of five to seven per cent post festive season.

“Post Diwali, if the situation of exchange rate continues where it is or beyond 72 (against USD) then there will be a price increase to the extent of 5-7 per cent which will happen in the market. That’s inevitable,” Panasonic India and South Asia President and CEO Manish Sharma told PTI.

The rupee hit a record low of 74.50 against the dollar in early deals.

Sharma, who is also the president of Consumer Electronics and Appliances Manufacturers Association (CEAMA), said there is significant impact of rupee depreciation.

“Fundamentally, our objective, especially when we look at first week of November, (is) to ensure that festive season goes with vibrancy… so (currently), we are not making any price (hike), not only in mobile phones but also in consumer appliances,” Sharma said.


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