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Mauritian Rupee Slumps Against Euro as Exchange Rates Hit Rs 56
The Mauritian rupee has faced a significant decline against the euro, with exchange rates climbing as high as Rs 56 in exhange offices this week. Data released by the Bank of Mauritius confirms a sharp upward trend for the European currency throughout 2025.
While the euro was valued at less than Rs 50 at the start of the year, the average rate surged past the Rs 54 mark by late December 2025.
| Date | Buying Rate | Selling Rate | Average |
| 22 December 2025 | Rs 53.02 | Rs 54.87 | Rs 53.95 |
| 23 December 2025 | Rs 53.12 | Rs 54.93 | Rs 54.03 |
| 24 December 2025 | Rs 53.11 | Rs 54.97 | Rs 54.04 |
| 26 December 2025 | Rs 53.07 | Rs 54.98 | Rs 54.03 |
| 29 December 2025 | Rs 53.02 | Rs 54.99 | Rs 54.01 |
| Bank Name | Buying Rate | Selling Rate |
| MCB | Rs 53.42 | Rs 55.01 |
| SBM | Rs 53.52 | Rs 55.04 |
| Absa Bank | Rs 53.42 | Rs 55.01 |
| Bank One | Rs 53.40 | Rs 55.01 |
| Mau Bank | Rs 53.39 | Rs 54.99 |
Good to know On 3 January 2025, the euro was trading at Rs 48.12 for buying and Rs 49.66 for selling, according to the Bank of Mauritius.
Market Fluctuations and the “Dollar Effect”
Industry experts suggested the rupee’s struggle is not necessarily a sign of internal volatility, but rather a byproduct of international currency shifts.
Alexandre Sanchini, CEO of Blue Ship Capital, noted that while the rupee has remained relatively stable against the US dollar—oscillating between Rs 45 and Rs 46—this has masked a structural weakness.
“The current weakness of the dollar against the euro means the rupee is mechanically depreciating against the European currency,” Sanchini explained.
He described the shift as “progressive and gradual,” noting it has occurred without a “major shock” to the financial system.
Bureau de Change Reality
On the high street, the impact is immediate. In Curepipe, bureau de change staff reported buying euros at approximately Rs 53 and selling them for Rs 56. In Port-Louis, the rate is currently holding at Rs 55.
Despite the price hike, operators report that supply remains steady due to the seasonal influx of tourists. However, local Mauritians appear to be exercising caution.
“Mauritians prefer to wait before buying euros; they are not rushing,” one sector operator commented, noting that while there is no “true shortage,” some offices are holding lower stock than usual.
A Year in Review: The Rising Cost of the Euro
The scale of the depreciation is best illustrated by comparing current figures to the start of the year.
The figures highlight a steady climb over the last week of December, with selling rates at commercial banks inching closer to the Rs 55 threshold, while private exchange offices have already surpassed it.
Source: Defi Media
