Asian and gulf currency revaluation

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Dubai: The British pound recovered from its lowest level against the US dollar since March , a day ahead of the Bank of England's decision on whether or not it will raise rates - a verdict that is detrimental to the currency's valuation and exchange rates in the days to come. Check the latest forex rates here. Against the UAE dirham, it was at 0. Britain's growth prospects are seen among the weakest for rich countries in , and there is uncertainty over how fast the Bank of England BoE - which is expected to raise interest rates again on Thursday - can tighten policy this year to tame inflation without further hurting the economy. All but one of the 56 economists polled by Reuters last week expected the BoE to raise its Bank Rate on Thursday to 1. Britain's economy unexpectedly shrank in April after contracting 0.

The measure, requested of the central bank by a report from the chamber of commerce and industry of Dubai, has the aim of combating growing inflation, partly caused by the weakness of the American currency. For many years, the exchange rate between the dollar and the currencies of the Gulf countries has been fixed for the dirham, it is at 3. Apart from its effects on the domestic situation in each country, the report from the Dubai commerce chamber points out that the weak dollar is endangering the implementation of the monetary union among the countries of the Gulf Cooperation Council Saudi Arabia, United Arab Emirates, Kuwait, Oman, and Qatar , scheduled for In this regard, the Khaleej Times writes that analysts maintain that a revaluation of the various national currencies and the switch to a peg against a basket of foreign currencies could assist in the process of monetary unification.

The history of the rupee traces back to ancient Indian subcontinent. Arthashastra , written by Chanakya , prime minister to the first Maurya emperor Chandragupta Maurya c. Sher Shah Suri , during his five-year rule from to , set up a new civic and military administration and issued a coin of silver, weighing grains , which was also termed Rupiya. The coins depicting Ram and Sita were issued in both silver and gold; minting ended right after Akbar's death in