DEFINITION of 'QAR (Qatari Riyal)'
The currency abbreviation for the Qatari riyal (QAR), the currency for Qatar, an Arab emirate located along the coast of the Arabian Peninsula. The Qatari riyal is made up of 100 dirham and is often presented with the symbol QR in English. The riyal has been pegged in practice with the U.S. dollar since 1980 at a rate of 1 U.S. dollar to 3.64 Qatari riyal; the rate became official in 2001.
BREAKING DOWN 'QAR (Qatari Riyal)'
The Qatari riyal replaced the Qatar and Dubai riyal in 1973, when Dubai entered into the United Arab Emirates. At this time, Qatar began to issue its riyal separately. The joint currency came into force in 1966, at which time the previous currency, the Indian rupee, was replaced due to India's devaluation of its currency.