An interesting fact that many people might not be aware of today is that long before the UAE dirham even existed, the currency that was used in the UAE was the Gulf rupee. He explains how, during the alliance with the British, the Trucial States used the currency of the largest nation nearest to them. This happened to be India, which was under the rule of the British during the time.

It was not uncommon for many countries to use the Indian rupee as their currency, and Ramkumar reveals that as many as 20 countries at one point, in different parts of the world, were doing so. UAE and India relations: Mohamed bin Zayed, Modi deepen UAE-India ties. Forward to the future: However, all that began to change when an issue arose. Many traders, it seemed, were smuggling large quantities of gold from the Trucial States into India.

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The precious metal was cheaper in the Trucial States than in India, and many traders began to take advantage of that fact. In , special notes called the 'External rupees' or 'Gulf rupees' were printed in India for circulation in the Gulf.

These special notes were introduced to curb the widespread gold smuggling that happening in the region. The Gulf rupee notes were in many was identical to the Indian rupee notes that were being printed in India. However, while the design on the notes was the same, their colour was completely different.

Another way to distinguish the new notes from those used in India was that they carried a special serial number prefix of 'Z' over a number.

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Now, a person couldn't purchase any gold in the Trucial States with Indian rupees because they were not the legal tender. In addition, you couldn't use the Gulf rupees in India for the very same reason.

For anyone in India now interested in trading in the UAE during this period, they would have to exchange their Indian rupees at the office of issue in Bombay. The exchange rate, Ramkumar, says was settled at one-for-one. From to , the currency that would be used in the Trucial States was the Qatar-Dubai riyal.

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Filed on January 27, Last updated on January 27, at Sample of Gulf rupees used before. Rohma Sadaqat I am a reporter and sub-editor on the Business desk at Khaleej Times. I mainly cover and write articles on the UAE's retail, hospitality, travel, and tourism sectors. Originally from Lahore, I have been living in the UAE for more than 20 years. I graduated with a BA in Mass Communication, with a concentration in Journalism, and a double minor in History and International Studies from the American University of Sharjah.

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