The Qatari Rial (QAR) was introduced in 1966, but here’s an intriguing tidbit: before the Rial’s introduction, Qatar used the Indian Rupee’s special edition, the Gulf Rupee, a reflection of the region’s close economic ties with India. The switch to its own currency came about not just for national identity but also due to the devaluation of the Gulf Rupee, which prompted immediate economic adaptations.

Remarkably, the Qatari Rial has minted its niche in the history of foreign exchange as being pegged exclusively to the United States dollar since 1975. This strategic move has played an essential role in stabilizing the currency, ensuring financial consistency, and fostering trust within the international banking community, setting Qatar apart as a pivotal financial hub in the Middle East.