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Maldives
CurrencyMVR
The currency of the Maldives is the Maldivian rufiyaa (MVR), divided into 100 laari and issued by the Maldives Monetary Authority. Its rate is managed within a band around the US dollar: one rufiyaa costs ₹6.43 at our selling rate right now.
- Code
- MVR
- Symbol
- Rf
- Subunit
- 100 laari
- In use since
- 1947
What is the currency of the Maldives?
The currency of the Maldives is the Maldivian rufiyaa, code MVR, written Rf before the amount. One rufiyaa is divided into 100 laari. The Maldives Monetary Authority issues the money, and De La Rue prints the notes. The first rufiyaa notes date from 1947, worth the same as the rupee at the time, and today the rate is managed within a band around the US dollar, so against the Indian rupee it still moves: on 5 Oct 2026, one rufiyaa was worth about ₹6.43 at our selling rate and ₹6.43 at our selling rate. A quote in MVR always means this rufiyaa and not the Indian rupee (INR), which is a separate currency at a different value, even though the two names share a Sanskrit root.
Maldivian Rufiyaa at a glance
- Currency
- Maldivian rufiyaaIn Dhivehi, ރުފިޔާ
- Code
- MVRThe ISO 4217 code for the rufiyaa
- Symbol
- RfWritten before the amount, as in Rf 100; MVR 100 is also used
- Subunit
- 1 rufiyaa = 100 laariLaari coins run from 1 to 50 laari
- Issuer
- Maldives Monetary AuthorityThe central bank; De La Rue prints the notes
- Introduced
- 1947The first rufiyaa notes, worth the same as the rupee at the time
- Exchange rate
- Managed floatHeld in a band around the US dollar
- Used in
- MaldivesThe capital is Malé
- Banknotes
- Rf 5, 10, 20, 50, 100, 500 and 1,000Polymer notes of the 2015 series, all one size
- Coins
- 1, 5, 10, 25 and 50 laari, Rf 1 and Rf 2Seven coins in everyday use
Maldives currency notes and coins
Maldivian money comes as polymer banknotes from Rf 5 to Rf 1,000 and seven coins in everyday use. The notes belong to the 2015 series, the first wholly new Maldivian series in over 30 years, printed on De La Rue Safeguard polymer, and the Rf 5 followed in July 2017. Every note measures 150 by 70 mm, so tell them apart by colour and number. Each note is shown with what it costs in rupees at our selling rate today.
- Maldives Monetary AuthorityFive rufiyaaRf5
Five rufiyaa Rf 5
≈ ₹32.16 today- Colour
- Grey
- Front
- Football players and people celebrating
- Back
- A conch shell
- Maldives Monetary AuthorityTen rufiyaaRf10
Ten rufiyaa Rf 10
≈ ₹64.33 today- Colour
- Yellow
- Front
- A toddy tapper and boduberu drummers
- Back
- A boduberu drum
- Maldives Monetary AuthorityTwenty rufiyaaRf20
Twenty rufiyaa Rf 20
≈ ₹128.66 today- Colour
- Purple
- Front
- A fisherman with a skipjack tuna, and Velana International Airport
- Back
- A dhoni boat
- Maldives Monetary AuthorityFifty rufiyaaRf50
Fifty rufiyaa Rf 50
≈ ₹321.64 today- Colour
- Green
- Front
- A boy reciting the Quran and men pulling boats
- Back
- The minaret of the Friday Mosque
- Maldives Monetary AuthorityOne hundred rufiyaaRf100
One hundred rufiyaa Rf 100
≈ ₹643.29 today- Colour
- Red
- Front
- A woman in a libaas dress, with neckline threading called hiru
- Back
- The Lomafanu, an early Dhivehi text
- Maldives Monetary AuthorityFive hundred rufiyaaRf500
Five hundred rufiyaa Rf 500
≈ ₹3,216.45 today- Colour
- Orange
- Front
- A wood carving and a woman making ekels, or brooms
- Back
- A naalhi, a hand-carved lacquer vase
- Maldives Monetary AuthorityOne thousand rufiyaaRf1000
One thousand rufiyaa Rf 1,000
≈ ₹6,432.90 today- Colour
- Blue
- Front
- A green turtle and manta rays
- Back
- A whale shark
Coins, in laari
The seven coins in use are 1, 5, 10, 25 and 50 laari, and the Rf 1 and Rf 2. One rufiyaa is 100 laari, so the Rf 1 coin is worth 100 laari. The strip shows each coin with what it costs in rupees at our selling rate.
- 11 laari
≈ ₹0.06 - 55 laari
≈ ₹0.32 - 1010 laari
≈ ₹0.64 - 2525 laari
≈ ₹1.61 - 5050 laari
≈ ₹3.22 - 11 rufiyaa
≈ ₹6.43 - 22 rufiyaa
≈ ₹12.87
Sources: Wikipedia, Maldivian rufiyaa and Hotelier Maldives, new polymer banknote family; colours as listed there. Rupee values at our selling rate, 10:25 AM IST, 5 Oct 2026.
- Cowrie shellsSeen in 1344
The islands were known for cowries. Ibn Battuta wrote of the shells being shipped away, a bargain for the merchants who bought them.
- Silver larin1600s and 1700s
Imported silver coins, used beside the shells, which still served as small change.
- First rufiyaa notesFrom 1947
Notes worth the same as the rupee at the time. The name comes from the Sanskrit rupya, the root the Indian rupee shares.
- Polymer rufiyaaFrom 2015
A new family of polymer notes, the first wholly new Maldivian series in over 30 years.
From cowrie shells to rufiyaa
The Maldives paid in shells before it paid in rufiyaa. Cowries were shipped from the islands, silver coins from abroad were used beside them, and the first rufiyaa notes date from 1947.
Ibn Battuta sees the shell trade
The traveller Ibn Battuta visits the islands and writes of cowrie shells being shipped away. The shells are a bargain for the merchants who buy them.
Silver arrives
Silver larin coins are imported and used beside the shells, which still serve as small change.
The first rufiyaa notes
Rufiyaa notes are introduced, worth the same as the rupee at the time. The name comes from the Sanskrit rupya, which the Indian rupee shares.
A polymer family
The Maldives Monetary Authority announces a new family of polymer banknotes, the first wholly new series in over 30 years, and issues it from late 2015.
Sources: Maldives Independent, history feature on the shell trade; Wikipedia, "Maldivian rufiyaa" and "Currency of Maldives"; Wiktionary, rufiyaa; Hotelier Maldives, polymer banknote family, 2015.
A rufiyaa that stays in a band
The Maldives Monetary Authority manages the rufiyaa within a band around the US dollar rather than leaving it to the market. Its price in rupees can still change from one day to the next, because the rupee moves too.
A managed float
The rufiyaa is described as a managed float in a band around the US dollar, with the Maldives Monetary Authority, the central bank, managing it.
Near the weak end of the band
The official rate has been about Rf 15.42 to the US dollar, the weak end of the band, and the Authority's own reference rate showed 15.42 in August 2026.
A swap line with India
On 7 October 2024 the Reserve Bank of India and the Maldives Monetary Authority signed a currency swap agreement under the SAARC framework, with USD 400 million in it.
One unit in rupees · our selling rate, 5 Oct 2026
The rufiyaa since 1947
The Maldives paid in shells and silver before it had rufiyaa notes in 1947, and its current notes have been polymer since 2015. What changed along the way, in six entries.
- EntryMaldives
Ibn Battuta sees the shell trade
The traveller Ibn Battuta visits the Maldives and writes of cowrie shells being shipped away by boat. The shells are a bargain for the merchants who buy them.
- EntryMaldives
Silver beside the shells
Silver larin coins are imported and used beside the shells, which still serve as small change.
- EntryMaldives
The first rufiyaa notes
Rufiyaa notes are introduced, worth the same as the rupee at the time. The name comes from the Sanskrit rupya, the root the Indian rupee shares.
Launch - EntryMaldives
A new polymer family
The Maldives Monetary Authority announces a new family of polymer banknotes, printed by De La Rue. It is the first wholly new Maldivian series in over 30 years, and the notes are issued from late 2015.
- EntryMaldives
The Rf 5 note
The Rf 5 joins the polymer family in July. It was first planned as a coin.
- EntryMaldives
A swap line and RuPay
On 7 October the Reserve Bank of India and the Maldives Monetary Authority sign a currency swap agreement under the SAARC framework, with USD 400 million in it, and RuPay cards are launched for the Maldives.
India link
Sources: Wikipedia, "Maldivian rufiyaa" and "Currency of Maldives"; Wiktionary, rufiyaa; Hotelier Maldives, polymer banknote family, 2015; Maldives Independent, history feature on the shell trade; Reserve Bank of India, press release of 7 October 2024; Edition.mv and Biometric Update, RuPay in the Maldives; Maldives Airports, currency page.
Rufiyaa and rupees side by side
Worked out at our selling rate at 10:25 AM IST on 5 Oct 2026. For the live rate on any amount, use the MVR to INR or INR to MVR converter.
| You pay | You get |
|---|---|
| ₹5,000 | Rf 777.25 |
| ₹10,000 | Rf 1,554.51 |
| ₹25,000 | Rf 3,886.27 |
| ₹50,000 | Rf 7,772.54 |
| ₹1,00,000 | Rf 15,545.09 |
| ₹2,00,000 | Rf 31,090.18 |
| You buy | It costs |
|---|---|
| Rf 100 | ₹643.29 |
| Rf 500 | ₹3,216.45 |
| Rf 1,000 | ₹6,432.90 |
| Rf 2,500 | ₹16,082.25 |
| Rf 5,000 | ₹32,164.50 |
| Rf 10,000 | ₹64,329.00 |
Spending rufiyaa in the Maldives
Three things about Maldivian money that help on the first day.
Dollars work at resorts
At resorts and on liveaboards the US dollar works as a second currency in practice, and US dollar cash plus a card is enough.
USD cash · a cardCarry some rufiyaa for the islands
On local islands, and in Malé and Hulhumalé, carry some rufiyaa notes. A Rf 20 note is about ₹128.66 and a Rf 100 note about ₹643.29.
Rf 20 · ₹128.66RuPay works at Bank of Maldives
RuPay was launched for the Maldives on 7 October 2024 and can be used at Bank of Maldives ATMs, shop terminals and digital channels. Acceptance elsewhere has not been confirmed, so carry another way to pay as well.
RuPay · Bank of MaldivesTaking Maldivian rufiyaa from India
The Reserve Bank of India's rules apply to every currency, and the Maldivian rufiyaa is no exception.
Up to the equivalent of USD 3,000 per trip can leave India as Maldivian rufiyaa notes. The rest goes on a forex card or as a bank transfer.
Every resident can send up to USD 250,000 abroad each financial year under the Liberalised Remittance Scheme, travel included.
Tax collected at source applies once your foreign-exchange purchases in a financial year cross ₹10 lakh: nil when an education loan pays, 2% for self-funded education and medical treatment, and 20% for travel and everything else. It is credited against your income tax when you file.
Maldivian rufiyaa is available on request. Send your amount and the desk confirms availability and your exact rate before anything is booked.
Check availability→Maldivian rufiyaa questions
The questions people type about the Maldives currency, answered in full, in three groups.
The basics
8 questionsWhat is the currency of Maldives?
The currency of the Maldives is the Maldivian rufiyaa, code MVR, divided into 100 laari. The Maldives Monetary Authority, the central bank, issues the money. The rufiyaa is used only in the Maldives, whose capital is Malé.
What is the full form of MVR in currency?
MVR stands for Maldivian Rufiyaa, the ISO 4217 code for the currency of the Maldives. That is the MVR full form and the MVR currency full form alike. On a page about money, and in any price list, it means the rufiyaa.
What is the Maldivian rufiyaa symbol?
The Maldives currency symbol is Rf, written before the amount, as in Rf 100, so the Maldivian rufiyaa symbol is simply those two letters. Local news also writes the code, as in MVR 500,000. To tell it from the Indian rupee (₹), use the code MVR.
Maldives ki currency kya hai?
Maldives ki currency Maldivian rufiyaa (MVR) hai. Ek rufiyaa mein 100 laari hote hain, aur 5 Oct 2026 ko ek rufiyaa lagbhag ₹6.43 ka tha, hamare selling rate par. Iska symbol Rf hai, jaise Rf 100.
What is the Maldives currency name?
The Maldives currency name is the Maldivian rufiyaa, ރުފިޔާ in Dhivehi, and its small coin is the laari. It is also written rufiya and searched as Maldivian currency or Maldives money, and all of these mean the same rufiyaa. The name shares a Sanskrit root with the Indian rupee, but the two are separate currencies.
How many laari make one rufiyaa?
One rufiyaa is 100 laari. The laari coins are 1, 5, 10, 25 and 50 laari, the rufiyaa coins are Rf 1 and Rf 2, and banknotes start at Rf 5.
Who issues the Maldivian rufiyaa?
The Maldives Monetary Authority (MMA), the central bank of the Maldives, issues it. De La Rue prints the notes, and the polymer family of 2015 is on its Safeguard polymer.
Which Maldivian coins are in use?
Seven: 1, 5, 10, 25 and 50 laari, plus the Rf 1 and Rf 2 coins. Banknotes start at Rf 5, so these coins cover the smaller amounts.
Value and history
6 questionsWhich Maldivian banknotes are in use?
Seven polymer notes: Rf 5 (grey), Rf 10 (yellow), Rf 20 (purple), Rf 50 (green), Rf 100 (red), Rf 500 (orange) and Rf 1,000 (blue). They belong to the 2015 series, the first wholly new Maldivian series in over 30 years, and every note measures 150 by 70 mm, so tell them apart by colour and number. A commemorative Rf 5,000 polymer note for the 50th anniversary of independence also exists.
What is printed on the Maldivian banknotes?
The notes show Maldivian life and nature. The fronts include footballers on the Rf 5, boduberu drummers on the Rf 10, a fisherman with a skipjack tuna on the Rf 20 and a boy reciting the Quran on the Rf 50. The backs include a conch shell, a boduberu drum, a dhoni boat and the minaret of the Friday Mosque, and the Rf 1,000 pairs a green turtle and manta rays with a whale shark.
Are old Maldivian notes still valid?
The notes in use today belong to the polymer series announced in 2015, the first wholly new Maldivian series in over 30 years. For an older note, check with the Maldives Monetary Authority or a Maldivian bank before relying on it.
When did the Maldives start using the rufiyaa?
The first rufiyaa notes date from 1947, worth the same as the rupee at the time. Before them the islands had used cowrie shells and imported silver larin coins, among other money, and the polymer notes in use today were announced in 2015.
Did the Maldives really use cowrie shells as money?
Yes. The traveller Ibn Battuta, who visited in 1344, described cowrie shells being shipped away from the islands, and in the 1600s shells still served as small change beside imported silver larin coins.
What is the India link to the Maldivian rufiyaa?
It starts with the name: the rufiyaa and the Indian rupee both come from the Sanskrit word rupya. It continues in policy, because on 7 October 2024 the Reserve Bank of India and the Maldives Monetary Authority signed a currency swap agreement under the SAARC framework that includes USD 400 million, and RuPay cards were launched for the Maldives the same day.
Buying from India
3 questionsDo Indian RuPay cards work in the Maldives?
In part. RuPay was launched for the Maldives on 7 October 2024 and can be used at Bank of Maldives ATMs, shop terminals and digital channels. Acceptance elsewhere has not been confirmed, so carry another way to pay as well.
How much Maldivian currency can I take out of India?
Up to the equivalent of USD 3,000 per trip in currency notes. Anything above that goes on a forex card or as a bank transfer, all within the USD 250,000 a year Liberalised Remittance Scheme limit.
How do I get Maldivian rufiyaa before a trip?
Order it before you fly. Matrix Forex, an RBI-authorised Category-II dealer, arranges Maldivian rufiyaa notes on request: send your amount through the booking bar at the top of this page and the desk confirms availability and your exact rate before anything is booked. For the live rate on any amount, see the MVR to INR converter.