Understanding Maldivian Currency: The Maldivian Rufiyaa
The Maldivian Rufiyaa is the official currency of the Maldives, a stunning archipelago nation in the Indian Ocean. As a traveler or someone interested in the Maldivian economy, it’s essential to understand the basics of this currency, including its exchange rate with major currencies like the US Dollar.
What is the Maldivian Rufiyaa?
The Maldivian Rufiyaa, denoted by the currency code MVR, is the primary currency used in the Maldives for all financial transactions. It is issued and regulated by the Maldives Monetary Authority (MMA), the country’s central bank.
The Rufiyaa is divided into 100 subunits called laari. Banknotes come in denominations of 5, 10, 20, 50, 100, 500, and 1000 Rufiyaa, while coins are available in 1, 2, 5, 10, 25, and 50 laari, as well as 1 and 2 Rufiyaa.
Currency Code and Symbol for Maldivian Rufiyaa
The currency code for the Maldivian Rufiyaa is MVR, as assigned by the International Organization for Standardization (ISO). This three-letter code is used in international currency markets and for foreign exchange purposes.
The symbol for the Maldivian Rufiyaa is Rf, which is typically placed before the numerical value (e.g., Rf 100). However, in some cases, the symbol may appear after the amount, depending on local conventions.
Converting US Dollars to Maldivian Rufiyaa
When traveling to the Maldives or conducting business with Maldivian entities, you may need to convert US Dollars (USD) to Maldivian Rufiyaa (MVR). Understanding the exchange rate and the process of converting currencies is crucial for making informed financial decisions.
Current USD to MVR Exchange Rate
As of June 19, 2024, at 13:35 UTC, the exchange rate for converting US Dollars to Maldivian Rufiyaa is as follows:
- 1 USD = 15.21 MVR
- 1 MVR = 0.06573 USD
Please note that exchange rates fluctuate constantly based on various economic and political factors. It’s always a good idea to check the current rate before making any currency conversions.
How to Convert US Dollars to Maldivian Rufiyaa
To convert US Dollars to Maldivian Rufiyaa, simply multiply the USD amount by the current exchange rate. For example:
- If you have $100 and want to convert it to MVR, the calculation would be: 100 × 15.21 = 1,521 MVR.
- Conversely, to convert MVR to USD, divide the MVR amount by the exchange rate. For instance, 1,000 MVR ÷ 15.21 = $65.73.
USD to MVR Conversion Table
For quick reference, here’s a table showing the conversion rates for common USD amounts:
| USD | MVR |
|---|---|
| $1 | 15.2138 MVR |
| $5 | 76.069 MVR |
| $10 | 152.138 MVR |
| $20 | 304.276 MVR |
| $50 | 760.69 MVR |
| $100 | 1,521.38 MVR |
| $250 | 3,803.45 MVR |
| $500 | 7,606.9 MVR |
| $1,000 | 15,213.8 MVR |
| $2,000 | 30,427.6 MVR |
| $5,000 | 76,069.0 MVR |
| $10,000 | 152,138.0 MVR |
Historical USD to MVR Exchange Rates
Analyzing historical exchange rates can help you understand trends and make more informed decisions when converting currencies. Let’s take a look at how the USD to MVR exchange rate has fluctuated over the past 30 and 90 days.
USD to MVR Exchange Rate Over the Last 30 Days
Over the last 30 days, the USD to MVR exchange rate has seen the following trends:
- Lowest rate: 15.371 MVR
- Highest rate: 15.46 MVR
- Average rate: 15.412 MVR
- Volatility: 0.22%
This data suggests that the USD to MVR exchange rate has remained relatively stable over the past month, with a low volatility of 0.22%.
USD to MVR Exchange Rate Over the Last 90 Days
Looking at a longer time frame, here are the key statistics for the USD to MVR exchange rate over the last 90 days:
- Lowest rate: 15.366 MVR
- Highest rate: 15.46 MVR
- Average rate: 15.417 MVR
- Volatility: 0.23%
The 90-day data also indicates stability in the USD to MVR exchange rate, with only a slight increase in volatility compared to the 30-day period.
Using Wise for USD to MVR Currency Exchange
When converting US Dollars to Maldivian Rufiyaa, it’s essential to find a reliable and cost-effective currency exchange service. One popular option is Wise (formerly TransferWise), a global money transfer and currency exchange platform.
Benefits of Using Wise for Currency Exchange
Wise offers several advantages for those looking to convert USD to MVR:
- Competitive exchange rates: Wise uses the mid-market exchange rate, which is often more favorable than rates offered by banks or traditional currency exchange services.
- Transparency: Wise clearly displays the exchange rate and any associated fees upfront, so you know exactly how much you’ll receive in MVR.
- Speed: Transfers through Wise are typically processed within 1-2 business days, ensuring that you receive your MVR quickly.
- Security: Wise employs industry-standard security measures to protect your personal and financial information.
How to Use Wise to Convert USD to MVR
Using Wise to convert USD to MVR is a simple process:
- Create a free account on the Wise website or mobile app.
- Enter the amount of USD you want to convert and select MVR as the target currency.
- Review the exchange rate and fees, and confirm the transaction.
- Add your recipient’s bank account details in the Maldives.
- Fund your transfer using a bank transfer, debit card, or credit card.
- Wise will process the transfer and send the MVR to your recipient’s account.
By using Wise, you can ensure that you’re getting a competitive exchange rate and a secure, transparent currency conversion process when converting US Dollars to Maldivian Rufiyaa.
See also:
- USD to THB Exchange Rate: Convert US Dollars to Thai Baht
- Convert USD to RON: US Dollars to Romanian Lei Exchange Rate
- Georgia Currency Exchange Rate: USD to GEL – Convert US Dollars to Georgian Lari
- Indian Currency Exchange Rate: USD to INR Conversion – Xe
- Convert US Dollars to Nepalese Rupees – NPR Exchange Rate
