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Both coinages were denominated in baisa (equivalent to the paisa), with 200 baisa = 1 rial. The Indian rupee and, from 1959, the Gulf rupee continued to circulate. On 6 June 1966, India devalued the Gulf rupee against the Indian rupee. Following the devaluation, several of the states still using the Gulf rupee adopted their own currencies.
4.5 Indian Rupee as exchange rate anchor. 4.6 Other. 5 Stabilized arrangement. Toggle Stabilized arrangement subsection. 5.1 US dollar as exchange rate anchor ...
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.
Omani rial [64] OMR Oman: ر.ع [65] Baisa [64] Pakistani Rupee [66] PKR Pakistan: Rs [66] [67] Paisa [66] Israeli new shekel [34] ILS Palestine ₪ [34] [35] Agora [34] [35] Philippine peso [68] PHP Philippines ₱ [68] [69] Sentimo [68] [69] Qatari riyal [70] QAR Qatar: ر.ق [71] Dirham [70] Russian Ruble [2] RUB Russia: руб. [1] [2 ...
Rupee. Afghan rupee – Afghanistan; Bhutanese rupee – Bhutan; Burmese rupee – Burma; Danish Indian rupee – Danish India; East African rupee – Kenya, Somalia, Tanzania and Uganda; French Indian rupee – French India; Gulf rupee – Bahrain, Kuwait, Oman, Qatar and United Arab Empirates; Hyderabad rupee – Hyderabad; Indian rupee ...
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.
On 7 May 1970, the Sultanate of Oman replaced the Gulf rupee with the Omani rial unit that was created at par with the pound sterling, so ending the existence of the Gulf rupee. Two years later, after the pound sterling was allowed to float on 23 June 1972, the Omani rial began to diverge from its sterling parity.
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 ...