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Buy, Sell or Transfer Qatar Riyal (QAR) in India at the best exchange rates
| Currency Name | Buy Rate (Card Rate) | Sell Rate |
|---|---|---|
| View Detailed Rate card | ||
Qatar lies on the coast of the Arabian Peninsula and is listed as one of the richest countries in the world. Being a hub of natural gas and crude oil, Qatar enjoys a valuable economic position. Back in 1973, Qatari Riyal (QAR) was introduced and has remained the official currency of Qatar. It was pegged to the US Dollar under the Royal Decree of 2001. It was pegged at a fixed rate of 3.64 QAR/USD. The exports of Qatar make the most of its economy. However, the country is working towards creating an export portfolio and decreasing dependency on crude oil export. Let's get into more detail about QAR and its exchange rate value.
QAR is the abbreviation for Qatari Riyal. Since 1973, it has been the official currency of the country. Prior to being pegged to the USD, QAR was pegged to the SDR (Special Drawing Rights) in 1975 with USD being an intervention currency at that time. Later on, at a fixed rate of 3.64 QAR/USD, Qatari Riyal was pegged against USD. Prior to introducing QAR, Qatar used Gulf and Indian Rupee for its monetary purposes. However, with the devaluation of the Indian Rupee and the formation of the Qatar-Dubai Currency Board in 1966, both countries introduced their own currency known as QDR (Qatar-Dubai-Riyal). Later, when Dubai joined the UAE in 1971, QMA (Qatar Monetary Agency) was set up and Riyal was introduced as the official currency.
Qatar Central Bank is the institutional authority responsible for maintaining the economy and the currency of Qatar. It is the central bank of the country. 1 Riyal is equivalent to 100 Dirhams. Currently, Qatar has 6 banknote denominations that are, 1, 5, 10, 50, 100, and 500 Riyals. The coins come in the denominations of 1, 5, 10, 25, and 50 Dirhams.
The rate at which one currency is exchanged for another currency is known as the exchange rate. As discussed earlier, the majority part of the Qatari economy, currently, relies on the export of crude oil and natural gas. So, the international price of oil and natural gas heavily impacts the exchange rate of QAR against other currencies like INR. Apart from this, the inflation rate and political and economic progress affect the exchange rate as well. Also, since QAR is pegged to the USD, changes in the value of the USD also impact QAR.
Convert QAR to INR Online as per Today’s Conversion Rate (take an example and show)
The QAR-INR exchange rate may vary every other day since these two are not pegged against each other. Today's exchange rate of QAR-INR is 22.58 INR/QAR. So, if you wish to convert QAR to INR or vice-versa, you will need INR 22.85 to get 1 QAR and 0.044 QAR to get 1 INR. Here is a quick illustration for a better understanding:
Mrunal works in Qatar at a reputed post in a company. She wants to send QAR 5,000 to her younger sister living in New Delhi, India. As of today's rate, if Mrunal sends QAR 5,000 then it will be converted to INR 112,990. So, Mrunal's sister will receive INR 112,990 in India.
Every day, the exchange rate of QAR-INR differs and so, if you are wishing to make such a transaction, it is suggested to make use of the currency converter. The online tool called currency converter lets users quickly convert from one currency to another as per the current rates. As of today, the QAR to INR exchange rate is INR 22.85 per QAR. Also, check, 1 QAR = INR 22.85
100 QAR = INR 2,285
1000 QAR = INR 22,850 and
INR 1 = 0.044 QAR
INR 100 = 4.4 QAR
INR 1000 = 44 QAR.
Understanding the exchange rate system of currencies gives an interesting insight. The value of any currency revolves around the economic progress of a country, both nationally and internationally. You can easily see that all the economically stable countries have high currency values. In the context of the QAR-INR, the central bank of both countries is responsible for adjusting the currency exchange rates. The Reserve Bank of India (RBI) and Qatar Central Bank (QCB) are the central banks of India and Qatar, respectively. Depending on the conditions of the affecting factors, the exchange rate is decided.
Qatar has been following a fixed exchange rate system by pegging its currency to USD. The inflation rate fluctuation is controlled to a great extent due to fixed rates. On the other hand, INR continues a floating exchange rate. Both India and Qatar have maintained healthy trade relations for a long time. While India exports oil from Qatar, it also has export markets in Qatar and elsewhere. However, the government is trying to shift its dependence since globally also the substitutions of crude oil are being promoted. Also, huge reliability on limited export commodities limits the scope of the Qatari economy. It is only expected to see Qatar-India relations grow better with better exchange rates.
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Thomas Cook has a dedicated team to trace the everyday value of Qatari Riyal to INR and guide our travelers the best time to sell forex. To sell forex online, all you have do is, simply log on to the Thomas Cook Website, fill in the required details, and you are good to go!
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