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Mauritius Rupee May Gain on Europe Optimism, Absa Capital Says

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July 21 (Bloomberg) -- The Mauritian rupee may gain against the dollar this week on optimism the debt crisis in Europe, the island nation’s biggest trading partner, will ease, Absa Capital said.

The rupee fell 0.2 percent to 28.30 to the dollar as of 3:21 p.m. in Port Louis, erasing an earlier gain of the same margin, according to data compiled by Bloomberg. It rose for the two preceding trading sessions.

Leaders from France and Germany, the two biggest economies in the monetary area that uses the euro, yesterday agreed on a common position on trying to avoid a default by Greece. European leaders are today holding a summit on the sovereign debt crisis that has led to bailouts for Greece, Ireland and Portugal.

“The rupee seems to be tracking euro performance,” Lourens Harmse, a trader at Absa Capital in Johannesburg. “My Bias is toward more strength in the coming sessions.” He didn’t give a specific forecast. The euro gained as much as 0.5 percent against the dollar today.

“Europe remains the principal investment and trade partner in Mauritius”, Finance Minister Pravind Jugnauth said in a speech to Swiss investors, a copy of which was received by e-mail today.

Consolidated exchange rates from the Bank of Mauritius website show a buying price range of 27.4612 to 27.6264 rupees to the dollar, with a selling price of 28.922, strengthening from 28.9998 yesterday.

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

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

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