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Following the devaluation, several of the states still using the Gulf rupee adopted their own currencies. Kuwait had adopted the Kuwaiti dinar in 1961, pegged to the Indian rupee, which was still pegged to the pound sterling. Bahrain created the Bahraini dinar in 1965, at the rate of 1 dinar = 10 rupees.
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. 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 ...
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.
This is a list of historical currencies. Ancient Mediterranean ... Dinar – Sudan; Ekwele ... Bhutanese rupee; Burmese rupee; Gulf rupee – Bahrain, Kuwait, ...
East African rupee – Kenya, Somalia, Tanzania and Uganda French Indian rupee – French India Gulf rupee – Bahrain , Kuwait , Oman , Qatar and United Arab Empirates
After India devalued the rupee in June 1966, those countries still using it – Oman, Qatar and what is now the United Arab Emirates (known as the Trucial States until 1971) – replaced the Gulf Rupee with their own currencies. Kuwait and Bahrain had already done so in 1961 and 1965 respectively.
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]
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.