As of October 2015, an Iraqi dinar is worth about 0.00089 of a U.S. dollar. In other words, one U.S. dollar is worth about 1,123 Iraqi dinars.
The Iraqi dinar became the official currency of Iraq in 1932 as a replacement to the Indian Rupee, which the country used during the British occupation in World War I. When the dinar was first associated with the U.S. dollar, one dinar had the same value as 2.8 U.S. dollars. Following the Gulf War, Iraqis no longer had access to Swiss printing techniques. The Iraqi government started printing an excess of the lesser quality currency, which led to a devaluation of the dinar.