Gulf Rupee
One Gulf rupee, similar to the regular One Indian rupee note issued in India, but printed in red and containing a "Z" letter prefix in the serial number.

The Gulf rupee (Arabic? or ), also known as the Persian Gulf rupee, was a currency used in the countries of the Persian Gulf and the Arabian Peninsula between 1959 and 1966. It was issued by the Government of India and the Reserve Bank of India and was equivalent to the Indian rupee.

History

To the middle of the 20th century, the Indian rupee was used as currency in the countries of the Persian Gulf and Arabian Peninsula. Its popularity strained India's foreign reserves and so the Gulf rupee was created. It was introduced by the Indian government in 1959 as a replacement for the Indian rupee for circulation exclusively outside the country.[1] At the time, the Indian rupee was pegged to the British pound at a rate of 13 1/3 rupees = 1 pound.

Two states, Kuwait and Bahrain, replaced the Gulf rupee with their own currencies (the Kuwaiti dinar and the Bahraini dinar) after gaining independence from Britain in 1961 and 1965, respectively. However, even today, in Bahrain, 100 fils (one tenth of a Bahraini dinar) are referred to in Arabic as a "rupee" or "rubiya" (Arabic: ?‎) in common parlance.

On 6 June 1966, India devalued the rupee. Following this devaluation, several of the states using the rupee adopted their own currencies. Qatar and most of the Trucial States adopted the Qatar and Dubai riyal, while Abu Dhabi adopted the Bahraini dinar. Only Oman continued to use the Gulf rupee, until 1970, with the government backing the currency at its old peg to the pound. Oman replaced the Gulf rupee with its own rial in 1970.

Banknotes

Notes were issued in denominations of 1 rupee by the Indian government and 5, 10 and 100 rupees by the Reserve Bank of India. The notes were in designs very similar to the standard Indian notes but were printed in different colours. While the 1 rupee and 10 rupee notes were printed in red, the 5 rupee notes were printed in orange and the 100 rupee notes were printed in green. The serial numbers of the banknotes issued in all denominations were prefixed by a Z.

References

  1. ^ Reserve Bank of India (Amendment) Act, 1 May 1959

External links

Preceded by:
Indian rupee
Reason: creation of new currency for use outside of India
Ratio: at par
Currency of Kuwait
1959 – 1961
Succeeded by:
Kuwaiti dinar
Ratio: 1 dinar = ​ rupees = 1 pound sterling
Currency of Bahrain
1959 – 1965
Succeeded by:
Bahraini dinar
Ratio: 1 dinar = 10 rupees = ​ 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:
Bahraini dinar
Location: Abu Dhabi
Reason: devaluation of the Gulf rupee before delivery of replacement
Ratio: 1 dinar = 10 rupees = ​ pound sterling = 15 shillings sterling
Currency of Muscat and Oman
1959 – 1970
Concurrent with: Maria Theresa thaler, Bahraini dinar, Kuwaiti dinar, Dhofar baiza, Muscat baiza, and Oman baiza
Note: the Gulf rupee circulated primarily near the coast (Muscat)
Succeeded by:
Omani rial
Ratio: 1 rial = 13​ rupees = 1 pound sterling

  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

Gulf_rupee
 



 

Connect with defaultLogic
What We've Done
Led Digital Marketing Efforts of Top 500 e-Retailers.
Worked with Top Brands at Leading Agencies.
Successfully Managed Over $50 million in Digital Ad Spend.
Developed Strategies and Processes that Enabled Brands to Grow During an Economic Downturn.
Taught Advanced Internet Marketing Strategies at the graduate level.


Manage research, learning and skills at defaultlogic.com. Create an account using LinkedIn to manage and organize your omni-channel knowledge. defaultlogic.com is like a shopping cart for information -- helping you to save, discuss and share.


  Contact Us