SCR (Seychelles Rupee)

DEFINITION of 'SCR (Seychelles Rupee)'

The currency abbreviation for the Seychelles rupee (SCR), the currency for Seychelles. The Seychelles rupee is made up of 100 cents and is often presented with the symbol SR or SRe. The Seychelles rupee is spelled "roupi" in the local Seselwa language.

BREAKING DOWN 'SCR (Seychelles Rupee)'

The Seychelles rupee was first circulated alongside the Mauritian rupee and the two were equal in value until 1914. In 1939, specific coins were introduced for use in Seychelles. The currency exchange rate floats "freely" against other currencies, but strict regulations on the purchase and sale of other currencies has created a black market for exchange. This black market uses exchange rates that differ from the official ones by more than 200%. In other words, on the black market, it will cost the exchanger more than twice as many rupees to purchase a U.S. dollar than the official rate would suggest.