How do you check the current exchange rate for Iraqi dinar?


Quick Answer

The current exchange rate for the Iraqi dinar is available from XE, Google Finance and Yahoo! Finance. These exchange rates are updated in real time. The exchange rate listed on the Central Bank of Iraq compares the dinar to a limited number of foreign currencies and is updated on a daily basis.

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Full Answer

The Iraqi dinar is pegged to the U.S. dollar, and most international trading from Iraq is done in U.S. dollars. This is because Iraq's chief export is oil, which is traded on the international market in U.S. dollars. In addition to exchange rates with the U.S. dollar, the Central Bank of Iraq lists exchange rates for eight other currencies on its home page. These currencies include the euro, the British pound, the Japanese yen and the Canadian dollar.

Since it is not widely used in buying or selling commodities, most Iraqi dinar trading on the international market is done by speculators. These speculators sell dinars at inflated prices in the hopes that the currency will be revalued in the future. A hypothetical revalue that increases the value of the dinar makes the currency more valuable than its purchase price.

Several U.S. states, including Washington, Utah, Oklahoma and Alabama, directly warn their residents against investing in the Iraqi dinar. The Better Business Bureau also labels Iraqi dinar speculation as a common scam.

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