Wat Phrasrirattana Sasadaram (Wat Phra Kaeo), or the Temple of the Emerald Buddha, situated within the Grand Palace, near Sanam Luang, is a sacred symbol of the Rattanakosin, or Bangkok, Dynasty and the most important temple in realm. It was built at the same time as the Grand Palace in 1782 by King Rama the first, the founder of the Chakri Dynasty, intended this temple to be the palace temple, the temple within the Grand Palace, the same way as Wat Phra Si Sanphet in the Royal Palace of Ayuuhaya and Wat mahathat in Sukhothai, when he established Bangkok as his capital, in order to serve as the palace chapel, in which traditional royal ceremonies would be conducted. It thus has a sanctuary for the performance of Buddhist rites, but no residences for monks.