The United Arab Emirates dirham was introduced on 19 May 1973. It replaced the Qatar and Dubai riyal at par. On January 28, 1978, the dirham was officially pegged to the IMF's special drawing rights (SDRs). 1 SDR equals one U.S. dollar.  Since November 1997, the dirham has been officially pegged to U.S. dollar. 1 Dollar equals 3.6725 dirhams, which translates to approximately 1 dirham = 0.272294 dollar.