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The Gulf rupee ( Arabic: روبية خليجية) was the official currency used in the British protectorates of the Arabian Peninsula that are around the Persian Gulf between 1959 and 1966 (1970 Oman). These areas today form the countries of Kuwait, Bahrain, Qatar, Oman, and the United Arab Emirates. It was issued by the Government of India ...
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 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. 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 stability.
Due to centuries of trade and usage of the currency, dirham survived through the Ottoman Empire. Before 1966, all the emirates that now form the UAE used the Gulf rupee, which was pegged at parity to the Indian rupee. On 6 June 1966, India decided to devalue the Gulf rupee against the Indian rupee.
Kuwaiti dinar. The Kuwaiti dinar ( Arabic: دينار كويتي, code: KWD) is the currency of Kuwait. It is sub-divided into 1,000 fulūs. [2] As of 2023, the Kuwaiti dinar is the currency with the highest value per base unit, with KD 1 equalling US$ 3.26, [3] ahead of the Bahraini dinar with BD 1 equalling US$2.65 and Omani rial at US$2.60.
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. 1820 treaty
The Indian government introduced the Gulf rupee as a replacement for the Indian rupee for circulation outside the country with the Reserve Bank of India (Amendment) Act of 1 May 1959. The creation of a separate currency was an attempt to reduce the strain on India's foreign reserves from gold smuggling.
Remittances to India are money transfers (called remittance) from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India. India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015. [1] [2] Remittances to India stood at US$110 billion in 2022 ...