Dollar rate rises above MVR 20.50

The exchange rate of the US dollar has risen above MVR 20.50 in parts of the Maldivian currency market, according to currency dealers and businesses.

While the official exchange rate remains at MVR 15.42 per US dollar, rates offered by currency exchange businesses and in the parallel market have exceeded MVR 20.50.

A businessman speaking to Dhauru News said the purchasing rate for US dollars remained at MVR 20.50 on Wednesday.

Checks at several currency exchange businesses on Thursday showed rates ranging between MVR 20.30 and MVR 20.50 per dollar.

The increase is expected to raise costs for businesses that require foreign currency to pay for imports and overseas transactions. Higher foreign exchange costs could also affect the prices of imported goods.

Currency dealers attributed the rise to a shortage of dollars in the market.

According to industry sources, one factor contributing to the reduced supply is a decline in tourism-related foreign currency inflows linked to the ongoing conflict in the Middle East.

Statistics released by the Ministry of Tourism show that tourist arrivals this year are down by 5 per cent compared with the same period last year.

Data for June, covering the period up to 16 June, shows arrivals were down by 17 per cent compared with the corresponding period in 2025.

Tourism figures indicate that daily arrivals this month have ranged between 3,000 and 4,000 visitors.

Currency exchange operators also pointed to foreign exchange regulations requiring tourism establishments to convert part of their foreign currency earnings through local banks.

According to dealers, these requirements have reduced the volume of dollars available in the open market, contributing to the increase in parallel market exchange rates.