Foreign Exchange Market: BoM Sells $25 Million

The Bank of Mauritius (BoM) made a move in the domestic foreign exchange market on October 04, selling $25 million at a rate of Rs 44.25 per dollar.

This injection comes after the central bank sold a total of $100 million the previous month, with the exchange rate for the September 27th intervention standing at Rs 44.50 per dollar.

During the Monetary Policy Committee meeting on September 15th, Harvesh Seegolam, Governor of the Bank of Mauritius, said the Central Bank’s interventions were aimed at alleviating pressures in the domestic foreign exchange market.

Furthermore, regarding the value of the local currency, Harvesh Seegolam pointed out that the rupee’s exchange rate should “reflect market forces and evolve in line with national macroeconomic fundamentals in the medium term.”

Source: Defi Media