The dirham is the official currency of the United Arab Emirates. The name literally means "handful" in Arabic. The dirham is subdivided into 100 fils and is issued in denominations of 5, 10, 20, 50, 100, 200 and 500 dirhams. There is also a 1,000 dirham note though this is not commonly seen in circulation. The dirham was introduced in 1973 to replace the Bahraini dinar.
The dirham is pegged to the US dollar at a rate of 1 USD = 3.67 AED. This peg has been in place since 1997 and is managed by the UAE Central Bank. The dirham is a freely convertible currency and can be traded on the open market.
The dirham is used not only in the UAE but also in parts of Oman. It is also accepted as currency in some other countries such as Iran, Afghanistan and Pakistan.
In terms of dirham exchange rate history, since its introduction the dirham has been relatively stable. It has fluctuated in value against the US dollar but has remained within a tight range. The dirham hit its highest point against the dollar in December 1976 when one dirham was worth $0.27. The lowest point came in January 1998 when one dirham was worth $0.18.
The dirham is widely used in international transactions and is one of the most traded currencies in the world. The dirham is also popular with foreign investors due to the stability of the UAE economy and the dirham's peg to the US dollar.
FAQ
1. What is the current rate of the Dubai Dirham?
The current rate of the Dubai Dirham is 3.6725 against the US dollar.
2. How has the Dubai Dirham rate changed over time?
The Dubai Dirham rate has changed over time in response to various economic conditions. Most recently, the Dirham has weakened in value due to concerns about the global economy and falling oil prices.
3. What factors affect the Dubai Dirham rate?
The rate of the Dubai Dirham is affected by a number of factors, including the strength of the US Dollar, the price of oil, and the political stability of the United Arab Emirates.
4. How can I get the best rate for my Dirhams?
The best way to get the best rate for your Dirhams is to shop around. There are many different places that you can exchange your currency, and each one will have a different rate. You can check online for the latest rates, or ask around at different currency exchange places. It's a good idea to compare rates before you exchange your currency, so that you can get the best deal possible.
5. What is the difference between the Dubai Dirham and other Dirhams?
The Dubai Dirham is the official currency of the United Arab Emirates. The other dirhams are the Moroccan dirham, the Algerian dirham and the Tunisian dirham. All four currencies are pegged to the US Dollar. The Moroccan dirham and the Algerian dirham are both pegged to the Euro as well.
6. What is the history of the Dubai Dirham?
The Dubai Dirham is the currency of the United Arab Emirates. It was introduced in 1973 and is pegged to the US Dollar. The Dirham is subdivided into 100 fils.
7. What are the benefits of using the Dubai Dirham?
The benefits of using the Dubai Dirham include the fact that it is a stable currency, it is easily convertible, and it is widely accepted in the UAE. Additionally, the Dirham is pegged to the US Dollar, which provides stability and predictability for businesses and investors.
8. Are there any restrictions on using the Dubai Dirham?
The Dubai Dirham is the official currency of the United Arab Emirates. There are no restrictions on using the Dubai Dirham within the UAE. However, when traveling outside of the UAE, you may need to convert your Dirhams into the local currency.
9. How can I find out more about the Dubai Dirham?
There are many ways to find out more about the Dubai Dirham. You can search online for information about the currency, or you can ask someone who is familiar with the currency. You can also visit the website of the Dubai Department of Economic Development to learn more about the currency.
10. What are the most popular Dirhams?
Assuming you are asking about the most popular dirham coins, the most popular dirham coins are the 1 dirham, 5 dirham, and 10 dirham coins. The 1 dirham coin is the most popular, followed by the 5 dirham coin, and then the 10 dirham coin.