Shafaq News/ The exchange rate of the U.S. dollar against the Iraqi dinar increased in Baghdad and Erbil markets on Thursday.

The USD opened at a rate of 157100 IQD to 100 in both al-Kifah and al-Harthiya Central Exchanges in Baghdad, as reported by Shafaq News Agency correspondent.

The selling and buying rates of the USD in the city's parallel markets settled at 158000 and 156000 IQD for 100 USD, respectively.

Meanwhile, in Erbil, the USD selling and buying rates were reported to have reached 157100 and 156100 IQD to 100, respectively.

The rise in the USD/IQD exchange rate comes amid ongoing economic and political challenges in Iraq, including a severe financial crisis, a weakened currency, and ongoing protests against corruption and poor governance.

Iraq relies heavily on oil exports to generate revenue, and the decline in oil prices due to the COVID-19 pandemic has had a significant impact on the country's economy. The Central Bank of Iraq has taken measures to stabilize the dinar, including devaluing the currency and limiting access to hard currency.

The increase in the USD/IQD exchange rate is likely to have further implications for businesses and individuals in Iraq, who are already grappling with the impact of the country's economic challenges.