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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. 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 ...
The Saudi riyal was worth 1.065 Gulf rupees, whilst the Qatar and Dubai riyal was equal to the Gulf rupee prior to its devaluation. Initially pegged with sterling at one shilling and six pence (1s. 6d.) per riyal, its value was changed to one shilling and nine pence (1s. 9d.) when sterling was devalued in 1967, maintaining its value in relation ...
The Bahraini dinar was introduced in 1965, replacing the Gulf rupee at a rate of 10 rupees = 1 dinar. It was initially equivalent to 3 ⁄ 4 of a pound sterling (15 shillings). When sterling was devalued in 1967, the dinar was repegged to 17s 6d sterling (7 ⁄ 8 of a pound). Bahraini coins and notes were introduced at that time.
The Indian rupee was not only the currency of India but also the currency of an extended region to its west, which stretched across the Indian Ocean to the east coast of Africa, up through the horn of Africa, through Aden and Muscat in Southern Arabia and Eastern Arabia, and along the Arabian coast of the Persian Gulf, extending even as far ...
Download as PDF; Printable version; In other projects ... International dollar – hypothetical currency pegged 1:1 to the United States ... Gulf rupee – Bahrain ...
Download as PDF; Printable version; In other projects ... Bhutanese rupee; Burmese rupee; Gulf rupee – Bahrain ... European Currency Unit and 22 national currencies ...
The Indian rupee was a silver-based currency during much of the 19th century, which had severe consequences on the standard value of the currency, as stronger economies were on the gold standard. During British rule, and the first decade of independence, the rupee was subdivided into 16 annas .
The Indian rupee remained the de facto currency of the Trucial States as well as the other Persian Gulf states, such as Qatar, Bahrain, Kuwait and Oman, until the Gulf rupee was introduced in 1959. The Gulf rupee was used until the Gulf countries introduced their own currencies after the great devaluation of the rupee. [3]