Mauritius’s rupee is heading for its lowest level in a week against the dollar as companies bought the greenback to pay for goods. The currency depreciated as much as 1 percent to 28.05 per dollar and traded 0.6 percent down at 27.95 by 12:15 p.m. in Port Louis, the capital. A close at this level would be the weakest since Aug. 22, according to data compiled by Bloomberg. Versus the euro, the rupee weakened for a third day, its longest streak since June 29, retreating 1.1 percent to 40.582. “Exporters and importers seem to be more active at bank treasury desks to cater for their end-of-month commitments in rupees,” Fabien Gebert, treasurer at GML, which describes itself as Mauritius’s largest investment company by assets, said by phone today. “Sellers, already active during the previous trading sessions, are currently looking for a better rate, contributing therefore to a temporary, slight depreciation of the local currency.” Mauritius, with a population of 1.3 million people, is a net importer of food commodities and fuels, with 67 percent of imports bills denominated in dollars, according to Bank of Mauritius. Buying prices for the dollar were from 27.1257 to 27.291 rupees, while the selling price was 28.583 per dollar, compared with 28.6446 on Aug. 26, according to indicative exchange rates published today on the Bank of Mauritius’s website. 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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