To provide a high quality air conditioner, in which a dry valve for dehumidification operation improved in productivity is used.

A use-side heat exchanger constituting a refrigerating cycle is divided thermally in a 1st heat exchanger and a 2nd heat exchanger. The dry valve 9 is installed between the 1st and 2nd heat exchangers. The upstream 1st heat exchanger is functioned as a condenser, and the downstream 2nd heat exchanger is functioned as an evaporator for a dehumidification operation. A valve body 20 of the valve 9 is provided with a main body 54 having a hole 53 and a lid part 55 to be fit to the opening of the hole 53 of the main body 54.