Dollar opens the week higher against the Iraqi dinar

BAGHDAD, Iraq — The U.S. dollar opened the week higher against the Iraqi dinar on Saturday, with bank and exchange bureau buy-sell rates rising from the previous session. Market participants said persistent demand, particularly from remittance transfers, pushed the currency pair higher in morning trading, while some banks kept their foreign exchange positions tight. The gap between the Central Bank of Iraq's official reference rate and free-market prices remained narrow during the day, with the dinar holding within a limited band. Small and medium-scale importers said they were watching the market closely over concerns that a weaker dinar would feed into import costs. Central Bank officials have moved to stabilize the currency through foreign currency auction sales, traders and market sources said. Markets are now focused on upcoming economic data releases during the week and any further central bank action.