The price of American dollars has increased to MVR 18.35 per dollar in the black market.
Adhadhu understands that the rate was MVR 18.25 yesterday, but has been pushed up to MVR 18.35 today.
"The dollar is above MVR 18.35 today. It is expected to continue to rise in the coming days," a trader said.
The dollar rate was also MVR 18 in the black market at the start of the year. However, the price of dollars fell as usual during the tourism season this year.
The rate fell to the lowest during the campaign for the parliamentary elections. The rate was as low as MVR 17.20 at the time.
However, the dollar rate started to rise again after the season ended and tourist arrivals started to decline.
The dollar rate first rose to MVR 18 less than two months after President Dr. Mohamed Muizzu said that the rate would go down.
