BoM Steps In: $15 Million Dollar Sale Stabilizes Currency Market

In the foreign exchange sphere, the Bank of Mauritius (BoM) made a decisive move on Monday, 24 March, by selling 15 million US dollars at an exchange rate of Rs 45.60 per dollar. This intervention marks the third occasion this year that the BoM has stepped into the currency market, demonstrating its commitment to upholding stability amidst the unpredictable shifts in the global economy.

Earlier in the year, the central bank also intervened on two occasions:

-First on 6 January, when it sold 10 million dollars at a rate of Rs 46.75 per dollar

-Again on 27 January, by selling another 15 million dollars at Rs 46.30 per dollar

On that same Monday, 24 March, the purchasing price for the dollar was noted at Rs 44.78, while it was being sold at Rs 45.87.

These figures highlight the BoM’s challenging role in steering the complexities of the foreign exchange market.

Source: Defi Media