The dollar rate in the black market has risen over MVR 18.

A dollar trader told One Online today that the dollar has been available for purchase above MVR 18 since the beginning of this week.

"Most of them are still foreigners. They are buying dollars at MVR 18:10 and at MVR 18:15," they said.

They further added that the availability of dollars is also low these days due to the low season in tourism in the country.

Foreigners who purchase dollars near dollar ATMs in the city are also purchasing dollars for above MVR 18.

Even at the beginning of this year, the dollar rate was at MVR 18 in the black market. Occasionally it drops below 18, but mostly stays above.

The official selling rate of the dollar is still MVR 15.42. However, the bank issues dollars at a certain rate.