Renault India has revealed that they would hike the price of their Koleos SUV model by around Rs. 1 lakh next month because of the weakening rupee.

The company said: “In the face of the huge devaluation of the Indian rupee against major currencies, the company was forced to revise the price of the Koleos… The new prices will be effective from the January 1, 2012.”

With this hike, Renault Koleos prices would begin at around Rs. 24 lakhs.

Renault added: “This has been necessitated by the increase in the cost of raw materials and fluctuations in the currency market. Until now we have been absorbing the increases, but we now have to reflect an element of these costs in our pricing.”

Rupee is currently at a record low and this is hurting companies that import their cars or car components.