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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 ...
Ratio: 1 dinar = 10 rupees = 3 ⁄ 4 pound sterling = 15 shillings sterling: Currency of Qatar 1959 – 1966 Succeeded by: Saudi riyal Location: Qatar and Trucial States except Abu Dhabi Reason: devaluation of the Gulf rupee before delivery of replacement Ratio: 1 riyal = 1.065 rupee: Currency of Trucial States 1959 – 1966 Succeeded by ...
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. [14] 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 ...
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 .
The Gulf Rupee, also known as the Persian Gulf Rupee (PGR), was introduced by the Indian government as a replacement for the Indian Rupee for circulation exclusively outside the country with the Reserve Bank of India Amendment Act, 1 May 1959. After India devalued the rupee in June 1966, those countries still using it – Oman, Qatar and what ...
The inaugural Qatar issue on 1 April 1957 was twelve British definitives from the Wilding series and three higher value "Castles" commemoratives. All were overprinted QATAR and surcharged with a value in Indian currency ranging from 1 naya paisa (1np) to 10 Indian rupees (10r). The currency of Qatar at the time was 100 naye paise = 1 rupee. [4]
All the Trucial States except Abu Dhabi adopted the Qatar and Dubai riyal, which was equal to the Gulf rupee prior to the devaluation. 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 ...
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]