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Mauritius Rupee Slips for Second Day on Importers’ Dollar Demand

Aug. 25 (Bloomberg) -- Mauritius’s rupee depreciated for a second day against the dollar as importers bought the U.S. currency to settle payments for their goods.

The currency weakened as much as 0.9 percent to 28.1 per dollar and traded 0.2 percent down at 27.9 by 12:24 p.m., according to data compiled by Bloomberg, heading for its lowest level since Aug. 22. Against the euro, the rupee slipped 2.2 percent, the most since Aug. 19, to 40.3521.

“The rupee has a slight tendency to weakening today as we see importers shopping dollars to meet their bill obligations,” Oumesh Mungroo, treasurer at Barclays Bank Plc’s Mauritian unit, said in a phone interview from Ebene.

Mauritius, an Indian Ocean island nation with a population of 1.3 million, is a net importer of fuels and food commodities with 67 percent of its import bills denominated in dollars, according to Bank of Mauritius data.

To contact the reporter on this story: Kamlesh Bhuckory in Port Louis via Johannesburg at 1933 or gbell16@bloomberg.net

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

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