Mauritian Rupee (MUR)

Basic Concepts of the Mauritian Rupee

The Mauritian Rupee is the official currency of Mauritius with the currency code MUR and the symbol ₨. It is issued and managed by the Bank of Mauritius and is used primarily for domestic transactions and international settlements under a floating exchange rate regime.

Countries of use

The Mauritian Rupee is mainly used in the Republic of Mauritius, including the main island and the surrounding dependencies such as Rodrigues. The currency is not officially circulated in other countries or regions and is restricted to legal payments within Mauritius.

Units and Denominations

The Mauritian Rupee is divided into 100 cents (cents). Coin denominations include 1, 5, 10, 20 rupees and 5, 20 and 50 cents; banknotes are commonly available in denominations of 25, 50, 100, 200, 500, 1,000 and 2,000 rupees for everyday transactions.

Historical Background

The Mauritian rupee was introduced in 1876, replacing the Indian rupee and the pound sterling that had been used previously. Its development was influenced by its colonial history, initially pegged to the Pound Sterling, then undergoing a number of exchange rate adjustments before shifting to a Special Drawing Rights (SDR) peg in 1976, and is now a market-based floating exchange rate.