The US Dollar (US$) has stumbled as low as MVR 16.90 in the black market of Maldives.
The US$ to MVR rate was at MVR 17.70 before Ramadan. However, these past couple of days the US$ rate has dropped to MVR 16.90. Several foreign exchange outlets in Male’ are currently buying US$ at MVR 16.90 or MVR 16.80 and selling at MVR 17.10.
The sharp fall in the US$ rate is due to the implementation of minimum wage in the tourism industry and the inflow of more US$ into the Maldivian economy. Moreover, tourist arrivals have also increased to pre-pandemic levels.
US$ reached to an all time high of MVR 20 during peak pandemic days in 2020.