US Dollar hits low against Iraqi Dinar
U.S Dollar plummets to new record low against Iraqi Dinar in the Iran and Kurdistan’s markets, PUKmedia reports, as an economic specialist links the decline to the augment of Iraqi oil exports.
U.S Dollar fell to less than 120,000 ID this week, comparing to 125,000 at the start of October.
Izat Sabir explained the reasons behind the fall of Dollar in Iraq and Kurdistan markets to PUKmedia, linking to the dramatic increase in Iraq’s oil exports and massive dollar exposure in the country’s markets.
Iraq used to export less than two million barrels of oil per day and now the export has dramatically risen by 1 million bpd, a move increasing dollar in the Iraqi markets in accordance with the increased million barrels, therefore, dollar loses its value against ID, Sabir remarked.