The Qatari rial is the official currency of Qatar, divided into 100 dirhams. Banknotes come in denominations of 1, 5, 10, 50, 100, and 500 rials, while coins are 1, 5, 10, 25, and 50 dirhams. Before 1966, Qatar used the Indian rupee as its currency. However, when India devalued its rupee, Qatar and neighboring countries introduced their own independent currencies. After Dubai joined the UAE, Qatar began using its rial in 1973, replacing all other currencies in the region. The Qatari rial is pegged to the US dollar at a fixed rate of 3.64 rials to 1 dollar. This rate is set by royal decree and cannot fluctuate. In 2017, a diplomatic crisis caused foreign banks to stop trading rials, but Qatari banks continued trading as usual.