The price of American dollars has increased to MVR 18.70 per dollar in the black market months after the government announced that the price would drop.

Information gathered by Adhadhu showed that the rate was MVR 18.55 and MVR 18.80 today. The same rates were announced in the country's largest Viber group for dollar transactions.

The price has not fallen since it rose to MVR 18.50 in late August. The dollar rate was 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.