US dollar rises against Iraqi dinar on local markets

BAGHDAD, Iraq — The US dollar traded higher against the Iraqi dinar on local markets this week, with exchange rates at currency exchanges and banks closing above the previous session's levels, according to data recorded on Sunday. The movement is being closely watched because of its potential effect on the price of imports and basic consumer goods. Market participants said currency supply and forthcoming statements from the Central Bank of Iraq will be the main factors shaping the exchange rate in coming days. Iraq's retail sector and small traders continue to monitor whether the higher dollar will translate into increased costs on shop shelves. No immediate comment was available from the Central Bank. The dinar-dollar rate has fluctuated in recent months in line with Iraq's broader political and economic developments.