Gulf rupee

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Description:
The Gulf rupee, (Arabic: روبيه or روبيه خليجيه) also known as the Persian Gulf rupee (ISO 4217 code: XPGR), 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

In the early to mid 20th century, the Indian rupee was extensively used as currency in the countries of the Persian Gulf and Arabian Peninsula. To reduce the strain put on India's foreign reserves by gold smuggling caused by this external use of the rupee, a separate currency was created. The Gulf rupee was introduced by the Indian government in 1959 as a replacement for the Indian rupee, for circulation exclusively outside the country.Reserve Bank of India (Amendment) Act, 1 May 1959 At the time, the Indian rupee was pegged to the British pound at a rate of 13⅓ 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" () in common parlance.

On 6 June 1966, India devalued the rupee. To avoid following this devaluation, several of the states using the rupee adopted their own currencies. Qatar and most of...
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