Prior to 1966, currencies in circulation in Qatar were those linked to the Pound Sterling, like the Indian Rupee and Gulf Rupee. When India devalued the Rupee (including the Gulf Rupee) by approximately 35%, Qatar and Dubai decided to replace the Gulf Rupee with the Saudi Riyal as an interim measure until the issuance of a new currency. On the 21st of March 1966, Qatar and Dubai signed a currency agreement to set up the Qatar-Dubai Currency Board. The new board issued the first national currency, known as the Qatar-Dubai Riyal (QDR) on September 18, 1966 at a gold par value of 0.186621 grams of pure gold—the same as the pre-devaluation rate of the Gulf Rupee. The Pound Sterling continued to provide cover for the new currency.