British Pound Sterling’s exchange rate on the brink of reaching Rs 60

The exchange rate for the pound sterling (GBP) in Mauritius is poised to reach a psychological milestone of Rs 60. With the indicative exchange rate already hovering at Rs 59, financial experts are on high alert.

The surge in the pound sterling’s value has caught many off guard, as it has surpassed the 12-month average of Rs 54.18, according to a report by Le Mauricien.

Since September of last year, it said, the pound sterling has undergone a remarkable reversal, surging by nearly Rs 10.

This sudden surge is said to have sent shockwaves through the community, affecting families with children studying in the UK, as well as those with aspirations of pursuing education there in the future.

The implications are grave, and households are bracing themselves for the financial impact.

Meanwhile, the US dollar has witnessed a depreciation of approximately 4.3% between May 2022 and May 2023.

In stark contrast, the euro has experienced an appreciation of 4.2% during the same period, further intensifying the tumultuous currency dynamics.

Source: Le Mauricien