Gulf Rupee


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Gulf Rupee

A currency that circulated in several parts of the Persian Gulf between 1959 and 1970. It was issued by the Indian government and pegged to the Indian rupee at par; by extension, this meant it was also pegged to the British pound. It was replaced by a number of currencies once Kuwait, Bahrain and others gradually became fully independent of Britain.
References in periodicals archive ?
Prior to the introduction of UAE dirham, the region used several currencies including the Indian rupee, the Gulf rupee, the Qatari riyal, Dubai riyal and Bahraini dinar (used in Abu Dhabi) during different phases.
The Indian rupee was the currency used up until the mid-1950s, when it was replaced by the Gulf rupee issued by the Reserve Bank of India and equivalent to the Indian rupee.
The new Bahraini Dinar, divided into 1000 fils, was put in to circulation for the first time in 1385H/1965AD, replacing the former Gulf Rupee on the basis of one new dinar for every ten old Rupees.
In fact, the currency in use was the Gulf Rupee issued by the Reserve Bank of India (RBI).
In the course of time, the Indian government decided to reduce the value of the Gulf rupee which made the citizens in the region to lose a lot in their trade and the cost of living shot up.
The first currency used in the UAE was the Gulf Rupee.
Prior to the introduction of the UAE dirham, the region used several currencies including the Indian rupee, Gulf rupee, Qatari riyal, Dubai riyal and Bahraini dinar (used in Abu Dhabi) during different phases.
It is also interesting to note that until the issuance of the Bahraini Dinar in 1965, the currency used for commerce was the Gulf Rupee, which was issued by the Reserve Bank of India and was equivalent to the Indian rupee.
Bahraini Dinar, Qatari Riyal, and Dubai Riyal replaced Gulf Rupee
Dirk, who used to reside in Mina Al Fahl in Muscat, had paid 10 gulf rupees (the currency at the time) for the licence, that was issued on April 7, 1970.
But the gold smuggling problem led the Indian government to issue Gulf rupees in 1957 to be used in the region.
Mr King had been promised that he would be rolling in Gulf rupees, Bahrain's currency at the time, through working at a guest house.

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