The text visible today is still the original Ramesses II inscription.

A representative translation reads:

“Horus: Mighty Bull, beloved of Ma’at.
King of Upper and Lower Egypt Usermaatre-Setepenre, son of Ra Ramesses, beloved of Amun-Ra.
He made this monument of red granite for his father Amun-Ra, lord of the thrones of the Two Lands, so that he may grant life, stability, and dominion forever.”

French Text

“L’OBÉLISQUE DE LOUQSOR
ÉRIGÉ À THÈBES SOUS LE RÈGNE
DE RAMESSÈS II ENVIRON
TREIZE SIÈCLES AVANT L’ÈRE CHRÉTIENNE
A ÉTÉ DONNÉ À LA FRANCE
PAR MÉHÉMET ALI
VICE-ROI D’ÉGYPTE
ET ÉLEVÉ SUR CETTE PLACE
LE 25 OCTOBRE 1836
SOUS LE RÈGNE
DE LOUIS-PHILIPPE ROI DES FRANÇAIS.”

English Translation

“The obelisk of Luxor,
erected at Thebes under the reign
of Ramesses II about thirteen centuries
before the Christian era,
was given to France
by Muhammad Ali,
Viceroy of Egypt,
and erected in this square
on 25 October 1836
during the reign of
Louis-Philippe, King of the French.”