Qatari Riyal Rates
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Latest Qatari Riyal Exchange Rate News
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Overview - QAR
The Qatari Riyal is the currency of the State of Qatar and is designated by the ISO code QAR. In 1966 Qatar was using the Indian Rupee in the form of Gulf Rupees, but when India decided to devalue the Rupee, Qatar along with many other gulf states decided to introduce its own currency. Before doing so they briefly used Saudi Riyals. Qatar and Dubai jointly issued the Qatari Riyal until 1973 when Dubai entered the UAE, at which point Qatar began issuing the Riyal on its own.
In the 1975 the Riyal was officially pegged to the IMF’s Special Drawing Rights, which in practice meant it was fixed at 1 US Dollar = QAR 3.64. This fix was made an official pegging in 2001. As a result of the peg the Qatari Riyal is subject to market effects in the same way as the US Dollar.