Bloomberg News

Mauritius Rupee Rises Against Euro on Bailout Fund Approval

October 13, 2011

Oct. 13 (Bloomberg) -- Mauritius’s rupee strengthened against the euro, the currency of its main trading partner, after Slovakia said it will approve the Eurozone’s bailout fund.

The currency appreciated as much as 0.6 percent to 39.8199 per euro and traded 0.4 percent up at 39.8872 by 1:15 p.m. in Port Louis, the capital, paring this month’s decline to 2.9 percent, according to data compiled by Bloomberg. Versus the dollar, the main currency for the country’s import bills, the rupee was unchanged at 29.

Slovakian political leaders secured backing for the European Financial Stability Facility yesterday in Bratislava, and approval will follow by tomorrow at the latest, completing the ratification process in the eurozone prior to the region’s leaders meeting later this month.

“The European leaders have so far well handled the current situation,” analysts at Mauritius Commercial Bank, the country’s largest lender by market value, wrote in an e-mailed note to clients today. “European Union officials” are “coming up with plans to save the day.”

Europe is the Indian Ocean island nation’s main source of tourism and largest buyer of manufactured goods, data from the Statistics Mauritius show. Revenue in euros represents 41 percent of the nation’s foreign currency income, according to Bank of Mauritius.

Buying prices for the dollar ranged from 28.0098 rupees to 28.1777 and the selling price retreated to 29.5083 compared with 29.6162 yesterday, according to exchange rates published today on the Bank of Mauritius website.

--Editors: Ana Monteiro, Hilton Shone

-0- Oct/13/2011 09:20 GMT

To contact the reporter on this story: Kamlesh Bhuckory in Port Louis via Johannesburg at gbell16@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net


Hollywood Goes YouTube
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus