The USD exchange rate in the Maldives has hit 18 in the “black market”, its highest in recent years.

US Dollars is officially exchanged in Maldives at rate of 15.42. However,  in the “black market” USD is exchange between MVR 18.10 to MVR 18.30.

As per the local currency exchanger, Dollar rates exponentially start changing last week, and rose over MVR 18 last week due to limitation of available cash for exchange.

Although the retail rate for US Dollars reaches over MVR 18.00, lump sum exchanges are still maintaining between MVR 17.90 and MVR 17.95.

Usually, USD rates rises in Maldives during the academic holidays and Hajj season, and drops afterwards.