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 ?
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.
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.
Bahraini Dinar, Qatari Riyal, and Dubai Riyal replaced Gulf Rupee
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.
Back then fines were issued in Gulf rupees u the UAE currency had not yet been implemented in the 1960s.
Khalaf heard about the opportunities with the police and the attractive starting salary of 280 Gulf Rupees it offered after one of his cousins took a job there.

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