Q:

How can you find the value of the Iraqi dinar?

A:

Quick Answer

Finding the value of the Iraqi dinar can be done through an online currency converter or through a news organization's financial section. Unfortunately, not all news agencies track all currencies, so a more in-depth search may be required.

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Full Answer

Exchange rates fluctuate daily, based on economic performance within the country in question. While one U.S. dollar might be worth over 1,100 Iraqi dinar on Wednesday, that value may change by Friday. Banks and other financial institutions are expected to offer an up-to-date exchange rate based on that day's values.

Before the relative value of a foreign currency can be determined, it must first be compared to a reference currency, such as the one being converted to. Common reference currencies are the U.S. dollar, British pound, Japanese yen and the euro. The U.S. dollar has been favored since World War II, when it became the dominant reserve currency for much of the industrialized world.

Other currencies are used regionally as reserve currencies due to the dominance of a given country's economy in said region, such as the Japanese yen. The euro is unique among these, as it is collectively accepted throughout the European Union's member nations due to a mutual arrangement rather than that day's exchange rates.

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