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Present currency ISO 4217 code Country or dependency (administrating country) Currency symbol Algerian dinar: DZD Algeria: دج (Arabic) or DA (Latin) Bahraini dinar [1] BHD Bahrain.د.ب [2] Iraqi dinar [3] IQD Iraq: ع.د [4] Jordanian dinar [5] JOD Jordan: ينار [6] Kuwaiti dinar [7] KWD Kuwait: ك [7] Tunisian dinar: TND Tunisia
The Hyderabadi Rupee (better known as "Osmania Sicca") was the currency of the Hyderabad State from 1918 to 1959. It co-existed with the Indian rupee from 1950. Like the Indian rupee, it was divided into 16 annas , each of 12 pai.
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 was pegged to the British pound at a rate of 13 1 ⁄ 3 Indian rupees = 1 pound. The Government of India had complained of gold traffickers in the Gulf region whose base of operations was constantly being broadened, especially in Kuwait, Bahrain and Dubai.
The DGCX Gold Futures, when launched in 2006, introduced a new pricing benchmark for gold in the UAE – the One kilo bar gold futures contract. In 2007, DGCX launched the world's first Rupee Futures contract, which has seen rapid volumes growth over the last few years driven primarily by demand from the GCC's large non-resident Indian community.
This monumental transaction follows the sale of 25kg of gold from a UAE gold exporter to a buyer in India for around 128.4 million rupees ($1.54 million), according to Reuters.
Before doing so, Qatar briefly adopted the Saudi riyal, then introduced the Qatar and Dubai riyal following the signing of the Qatar-Dubai Currency Agreement on 21 March 1966. [3] 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.
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 ...