The Gulf Rupee, also known as the Persian Gulf Rupee (XPGR), 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 May1959. Prior to this, in the early to mid 1900s, the Indian Rupee had been extensively used as currency in the countries of the Persian Gulf and the Arabian Peninsula. This creation of a separate currency was an attempt to reduce the strain put on India's foreign reserves by gold smuggling. After India devalued the rupee on 6 June1966, 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 is the official currency of India. ... May 1 is the 121st day of the year in the Gregorian calendar (122nd in leap years). ... 1959 was a common year starting on Thursday (link will take you to calendar). ... Events and Trends Technology Lawrence Hargrave makes the first stable wing design for a heavier-than-air aircraft Orville and Wilbur Wright make the first documented flight in a powered heavier-than-air aircraft Mass production of automobile Wide popularity of home phonograph Panama Canal is built by the United... A satellite image showing the Persian Gulf The Persian Gulf (Persian: خلیج فارس, Arabic: الخليج الفارسي) is an extension of the Gulf of Oman in between the Arabian Peninsula and Iran. ... Arabia redirects here. ... June 6 is the 157th day of the year in the Gregorian calendar (158th in leap years), with 208 days remaining. ...-1... 1971 is a common year starting on Friday (click for link to calendar). ... 1961 (As MAD Magazine pointed out on its first cover for the year) was the first upside-down year - i. ... 1965 was a common year starting on Friday (the link is to a full 1965 calendar). ...
The introduction of the Gulf Rupee was only a stop-gap measure to encourage the political entities in the Gulf to decide on their own currencies. This was because it was distrusted by traders in the Gulf as it was not freely convertible as the Indian Rupee had been and so money could not be treated any longer as just another commodity.
The Gulf Rupee was distinguished from the Indian Rupee by having a "Z" prefix to its serial numbers, but otherwise the denominations, designs and colours of the two currencies were the same. The one rupee was issued by the Indian Government and the 5, 10 and 100 denominations by the Reserve Bank of India. The Reserve Bank of India (RBI) is the central bank of India, and was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. ...
Countries using the Gulf Rupee and its replacement currencies
The dinar is the currency unit of Bahrain. ... 1965 was a common year starting on Friday (the link is to a full 1965 calendar). ... The Kuwaiti Dinar (ISO 4217 code KWD) is Kuwaits official currency. ... 1961 (As MAD Magazine pointed out on its first cover for the year) was the first upside-down year - i. ... The Omani Rial ( ISO 4217 code OMR) is the official currency of Oman. ...-1... The riyal is the currency of Qatar (ISO 4217: QAR) and Saudi Arabia (SAR). ...-1... The Dirham is the currency of the United Arab Emirates. ...-1...
Sources
Tables of modern monetary history: Asia (http://users.erols.com/kurrency/asia.htm)
The Rupee (₨ or Rs.) is the common name for the currencies used in India, Pakistan, Sri Lanka, Nepal, and Mauritius ; in Indonesia the unit of currency is known as the rupiah and in the Maldives the rufiyah.
The origin of the word Rupee is found in the Sanskrit word rupya, meaning 'silver.' The derivative word Rupiya was used to denote the coin introduced by Sher Shah Suri during his reign from 1540 to 1545 CE.
Large denominations of Rupees are often counted in lacs or lakhs (100,000) and crores (10,000,000).
Feeds |
Contact