United Arab Emirates Dirham (AED)

1.   One AED = Rs.22.44

1. One Rupee = AED 0.045

Important milestones in the history of the United Arab Emirates Dirham

1. Introduction of the Dirham - The United Arab Emirates dirham becomes the official currency on 19 May 1973, replacing the Qatar Riyal, which had been in circulation in all Emirates except Abu Dhabi since 1966.

1. Coin Minting - In the year of its introduction, various coin denominations were minted, including 1, 5, 10, 25, 50 fils, and 1 dirham. The 1, 5, and 10 fils coins were made of bronze, while the rest were composed of cupronickel.

1. Coin Size and Composition Changes - In 1995, the size of the 1, 5, and 10 fils coins, as well as the 1 dirham coin, were reduced. The new 1 dirham coin shared the same diameter as the previous 50 fils coin, and the new 50 fils coin was reduced in size and given a heptagonal shape.

1. Banknote Series - The first series of banknotes was issued in 1973, followed by a second series in 1982, which replaced the denominations of 1 and 1,000 dirham. In 1983, 500 dirham notes were introduced, followed by 200 dirham notes in 1989. The reintroduction of 1,000 dirham notes took place in 2000.

1. Pegging to International Monetary Fund (IMF) Special Drawing Rights - On 28 January 1978, the dirham was pegged to the IMF's special drawing rights, establishing a fixed exchange rate. In practice, the dirham is commonly tied to the US dollar.

 Economy 

In the Gulf Cooperation Council (GCC), the United Arab Emirates (UAE) holds the rank of second. The country's economy is significantly influenced by its exports of natural gas and petroleum. With nearly 50% contribution to the GDP each, the service and industry sectors play vital roles in the UAE's economic landscape.

Construction constitutes a substantial portion of the United Arab Emirates' economy, with active and ongoing projects amounting to over $400 billion. As a member of the World Trade Organization (WTO) and the Organization of the Petroleum Exporting Countries (OPEC), the UAE actively participates in global trade and oil markets.

In terms of imports, machinery, transport equipment, food, and chemicals are among the significant commodities brought into the country. Notably, the United Arab Emirates boasts one of the world's fastest-growing economies, showcasing its dynamic and rapid development.