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As a result of the strain on India's foreign reserves, in 1959 the Indian government created the Gulf rupee, initially at par with the Indian rupee. It was introduced as a replacement for the Indian rupee for circulation exclusively outside the country. [2] Effectively, the common currency area now did not include India.
Data from 1992 to 1993 onward are based on FEDAI (Foreign Exchange Dealers' Association of India) indicative rates. Data from 1971 to 1972–73 for the Deutsche Mark and the Japanese Yen are cross rates with the US Dollar. The Euro replaced the Deutsche Mark w.e.f. January 1, 1999.
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 ...
These emirates briefly adopted the Saudi riyal during the transition from the Gulf rupee to the Qatar and Dubai riyal. Abu Dhabi used the Bahraini dinar, at a rate of 10 Gulf rupees = 1 dinar. In 1973, the UAE adopted the UAE dirham as its currency. Abu Dhabi adopted the UAE dirham in place of the Bahraini dinar, at 1 dinar = 10 dirhams, while ...
The Digital Rupee (e₹) [39] or eINR or E-Rupee is a tokenised digital version of the Indian Rupee, issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). [40] The Digital Rupee was proposed in January 2017 and launched on 1 December 2022. [ 41 ]
Union Minister Piyush Goyal from Ministry of Commerce and Industry of India announced at the 2024 Vibrant Gujarat Global Summit, that India and UAE are prepared to promote RuPay and ease direct trade between the Indian rupee and the UAE dirham. [128] UPI Payments are now available at all of LuLu's UAE locations. All Indian visitors have to do ...
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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. [26] [27]