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The Iraqi Dinar vs the U.S. Dollar, and Other Currencies

The early part of October is proving to be a time of stability in the currency markets, particularly in regard to Iraqi dinar vs. other currencies. What Iraqi dinar is worth has remained in a holding pattern, as it has for much of 2017.

What is Iraqi dinar rate is about the same as it has been for most of the year, with few changes expected.

Iraqi Dinar versus US Dollar

US dollar exchange rate versus the Iraqi dinar (IQD) continues the 2017 trend of relative stability. This is due to stability in both the political and military environments within Iraq. In addition, the price of oil also continues to be range bound at $49.88 per barrel, which also has a calming effect on Iraq’s domestic economy.

The regional military situation also appears to be stable. There are no immediate threats to the country’s borders, and all seems especially calm on Iraq’s extensive eastern border with Iran. Geopolitical stability is of course one of the major keys to the direction of the Iraqi dinar.

The exchange rate is expected to remain in the same range for the balance of 2017. That of course could be changed in the event that the Iraqi dinar experiences it’s long awaited revaluation. Of course, no one can know what Iraqi dinar will revalue at, which would also have a major impact on Iraqi dinar vs. other currencies.

Iraqi Dinar to the U.S. Dollar Today

What is Iraqi dinar worth in US dollars is always the central question, since the US dollar is the international reserve currency. Though it is impossible to buy Iraqi dinar at most US banks, it can be both priced and purchased at currency trading sites, such as Treasury Vault.

According to the US dollar exchange rate calculator, the Iraqi dinar vs American dollar is running with an exchange rate of 1,169.18 Iraqi Dinar (IQD) = 1 USD, as of October 4, 2017.

The US dollar exchange rate vs. Iraqi dinar has been at a similar level throughout 2017. It has remained surprisingly consistent with the official exchange rate of 1180/1182 set in January, 2016.

Iraqi Dinar vs US Dollar History

Prior to the Gulf War in 1991, Iraqi dinar traded at a high of more than 3 dinar per 1 US dollar. At times, it even appreciated against the dollar, to well above the original price fixing of 2.8 Iraqi dinar to 1 US dollar, sometime in the 1970s. At that time, Iraqi dinar vs. other currencies fluctuated considerably, as some currencies appreciated against the dollar, while others fell. Iraqi dinar generally increased in value versus the declining currencies, but fell versus the stronger ones.

Once again, the future of the currency will depend on what will Iraqi dinar revalue at, if and when revaluation takes place. And naturally, the currency value will be determined in large part by the price of oil, among other factors. The price of oil is critical to Iraqi dinar, since it is the country’s primary product, as well as its major export.

Oil can never be underestimated as a factor in the value of Iraqi dinar vs. other currencies. Iraq has the fifth largest oil reserves in the world, estimated at more than 143 billion barrels.

Iraqi Dinar vs USD Chart

Iraqi dinar vs US dollar chart shows little change from last week.

 

(Source: <a href=http://www.exchangerates.org.uk/USD-IQD-exchange-rate-history.html>ExchangeRate.org.uk</a>)

There was a bit of a spike in the exchange rate versus the US dollar at the very end of September, but the rate has moved back down to familiar territory since.

The high, low and average exchange rates for the past 12 months look like this:

  • Highest: 1183.8721 IQD to 1 US dollar, on 30 Sep 2017.
  • Average: 1168.9036 IQD over this period.
  • Lowest: 1152.1171 IQD on 20 Jul 2017.

The 12-month peak, achieved on September 30, shows that there is at least some upside potential to the Iraqi dinar, even absent a possible revaluation.

How to Convert Iraqi Dinar to US Dollars

Once again, you can convert Iraqi dinar to US dollars using an exchange rate calculator. The same calculator can show Iraqi dinar vs. other currencies at current exchange rates.

In order to actually buy or sell the currency, you will most certainly need to use a reputable currency trader. Though there are a few banks that buy and sell currencies, only a handful will exchange Iraqi dinar.

If you’re going to trade the currency through a currency trader, be sure that you fully understand the risks involved with investing in exotic currencies like the Iraqi dinar. Also, very important, never work with a currency trader that tries to provide you with advice in order to get you to buy a certain currency.

The currency trader should work strictly as a broker, and not as an investment advisor. The assumption should always be that you know what it is you’re investing your money in.

Now let’s take a look at the activity with Iraqi dinar vs. other currencies.

Iraqi Dinar vs Vietnamese Dong

As of early October, the Vietnamese dong exchange rate is running at 1 IQD = 19.4324 Vietnamese dong VND.

The Vietnamese dong is another exotic currency, so considered because the currency is only of value within the borders of the issuing country. Dong serve as a medium of exchange only within the borders of Vietnam itself. Though it has an official exchange rate among global currencies, there’s little market trading between the dong and other currencies, other than to convert the dong to hard currencies to make international purchases.

Iraqi Dinar vs Philippine Peso

The Philippine peso exchange rate for early October is running at 22.9272IQD to 1 Philippine peso (PHP). That’s actually at the higher end of the 12-month range, which is high of 22.68651 IQD to 1 PHP, to a low of 24.58403 IQD to 1 PHP.

Relative stability in Iraq, and with oil prices, in contrast to both political instability in the Philippines, as well as a simmering conflict with China over the South China Sea, are contributing to the strength in the Iraqi dinar versus the Philippine peso.

Iraqi Dinar vs Euro

The euro exchange rate is holding at 1,374.01 IQD = 1 euro (EUR), little changed from last week. In the past 12 months, Iraqi dinar have fluctuated between a low of 1411.34057 = 1 EUR, to a high of 1221.2572. That indicates that, at least at the present time, Iraqi dinar are trading on the lower and of the 12-month trading range.

Various financial circumstances in Europe, particularly with southern European banks, has not had a material effect on the strength of the Iraqi dinar vs. other currencies in Europe, particularly the euro itself.

Iraqi Dinar vs Saudi Riyal

As would be expected, the exchange rate between Iraqi dinar and Saudi Riyal has been very stable. The value as of early October is 311.658 IQD = 1 Saudi Riyal (SAR). The current Iraqi dinar rate versus SAR is sitting right in the middle of the 12-month trading range. That range includes a high of 304.39101 IQD = 1 SAR, to a low of 318.45525 IQD = 1 SAR.

The stability of the exchange rate between the Iraqi dinar and the Saudi Riyal is of course not surprising. The situations of the two countries are closely correlated, not the least of which because they share an extensive common boundary.

But both countries also face similar pressures, including the political and geopolitical dynamics of the Persian Gulf region. Saudi Arabia, like Iraq, is also largely dependent upon oil for its economic survival, and thus its currency is equally tied to the price of oil.

Let’s move on to Iraqi dinar vs. other currencies, particularly those of other countries whose economic fortunes are not tied primarily to the price of oil.

Iraqi Dinar vs Canadian Dollar

The Canadian dollar has something of an oil connection. Canada is one of the world’s major oil producing countries, and it represents a major source of foreign revenue. However, Canada has a highly diversified economy, with oil representing a relatively small part of its economic big picture. As an issuer of a hard currency, like the US dollar and the euro, the Canadian currency tends to track those currencies more closely.

The Canadian dollar exchange rate is 936.495 IQD = 1 Canadian dollar (CAD). That compares to a 12-month range of a high of 848.51233 IQD = 1 CAD, to a low of 967.94566 IQD = 1 CAD.

Iraqi Dinar vs Bangladeshi Taka

As of early October, the Iraqi dinar exchange rate is 14.2368 IQD = 1 Bangladeshi Taka (BDT). The 12-month range is a high of 13.86103 IQD = 1 BDT, and a low of 15.15446 IQD = 1 BDT.

The Taka is considered to be another exotic currency, but one that is not at all affected by oil in any way similar to that of Iraq.

Iraqi Dinar vs Indian Rupee

This is always a curious exchange rate, since the Indian Rupee was the original official currency of Iraq until 1932, when it was replaced by Iraqi dinar.

Iraqi Dinar vs Indian Rupee currently sits at 17.9821 IQD = 1 Indian Rupee (INR). This contrasts with a high of 16.93078 IQD = 1 INR, and a low of 18.53262 IQD = 1 INR, within the previous 12 months.

In nearby Pakistan, the Iraqi dinar vs PAK rupee is currently trading at 11.0949 IQD = 1 Pakistani Rupee (PKR). The 12-month trading range between the currencies is a low of 11.39763 IQD = 1 PAK, to a high of 10.83106 IQD = 1 PAK.

As you can see, at least in early October, Iraqi dinar vs. other currencies has remained surprisingly stable.