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Until 1966, Qatar used the Indian rupee as its currency, in the form of Gulf rupees. When India devalued the rupee in 1966, Qatar, along with the other states using the Gulf rupee, chose to introduce its own currency. [2] Before doing so, Qatar briefly adopted the Saudi riyal, then introduced the Qatar and Dubai riyal following the signing of ...
The Indian rupee was pegged to the British pound at a rate of 13 1 ⁄ 3 Indian rupees = 1 pound. The Government of India had complained of gold traffickers in the Gulf region whose base of operations was constantly being broadened, especially in Kuwait, Bahrain and Dubai.
This is a list of tables showing the historical timeline of the exchange rate for the Indian rupee (INR) against the special drawing rights unit (SDR), United States dollar (USD), pound sterling (GBP), Deutsche mark (DM), euro (EUR) and Japanese yen (JPY). The rupee was worth one shilling and sixpence in sterling in 1947.
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2] Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador ...
In 1966, India devalued the rupee, prompting Qatar, Dubai, and all the Trucial States with the exception of Abu Dhabi, to introduce a new riyal unit at par with the pre-devaluation rupee. Abu Dhabi instead chose to adopt the Bahraini dinar, and in 1973 it changed to the United Arab Emirates dirham in line with the rest of the sheikdoms in the UAE .
Graph of exchange rates of Indian rupee (INR) per USD 1, GBP 1, EUR 1, JPY 100 averaged over the month, from September 1998 to May 2013. ... Qatar, and the Trucial ...
The Indian rupee was the official currency of Dubai and Qatar until 1959, when India created a new Gulf rupee (also known as the "external rupee") to hinder the smuggling of gold. [16] The Gulf rupee was legal tender until 1966, when India significantly devalued the Indian rupee and a new Qatar-Dubai riyal was established to provide economic ...
India was then a part of the sterling area, and the rupee was devalued on the same day by the same percentage so that the new dollar exchange rate in 1949 became ₹4.76 — which is where it stayed till the rupee devaluation of 1966 made it ₹7.50 to the dollar and the pound moved to ₹21.