Days after the country’s largest carmaker Maruti Suzukihiked prices, its nearest competitor Hyundai has announced an increase ranging from Rs 3,000 to Rs 20,000 across its product range with effect from August 16. “The rupee depreciation and increase in raw material cost have impacted our overall costs. We have been absorbing most of the costs, but now we are compelled to consider the price increase,” said Rakesh Srivastava, senior vice-president (sales and marketing) at the Korean auto major. Early this week, Maruti Suzuki had announced a price increase of up to Rs 20,000 on its vehicles. Price of best sellers Brezza and Baleno were increased by up to Rs 20,000 and Rs 10,000, respectively. Both the vehicles have a waiting period of several months. “The price revision is based on factors like segment-wise demand, forex movements and strategic objectives of the company,” the company had said.