The Moroccan dirham weakened against both currencies in its reference basket in the week to Sept. 30, extending its decline against the euro to a fifth consecutive week, according to Bank Al-Maghrib data.
The euro ended Sept. 30 at MAD 10.998, up 0.5% from a week earlier, while the dollar rose 0.9% to MAD 9.682. By Oct. 2, Bank Al-Maghrib’s reference rates showed the euro at MAD 11.083 and the dollar at MAD 9.855.
Since Aug. 27, the euro has gained about 2.85% against the dirham, equivalent to roughly MAD 307 more for every €1,000 exchanged at the reference rate.
The dollar has strengthened faster recently, rising about 2.75% against the dirham since Sept. 23.
Morocco manages the dirham within a ±5% fluctuation band around a central rate based on a basket weighted 60% to the euro and 40% to the dollar.
Bank Al-Maghrib conducted no foreign-exchange auction during the week, meaning the movement occurred without intervention through that mechanism.
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