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DOLLAR INDIAN RUPEE FREE

This crisis called for a devaluation of the Indian currency. Fiscal deficit was reduced to 7.8% of GDP, and India was on the verge of being declared a defaulter in the international market. Interest payment accounted for 39% of the revenue that the government collected at the time. India’s economy was going through a tough time in the 1990s. 1 USD to INR in 1990 – the Economic Crisis The exchange rate deteriorated throughout the 1980s and reached a value as high as 17.50 in 1990. This resulted in the fall of the Indian currency value. To combat the situation and the subsequent political crisis, India had to borrow foreign currency. Rupee value fell to 8.10 in 1974 following the Oil Shock that took place in 1973 due to the decision of the OAPEC or Organisation of Arab Petroleum Exporting Countries to reduce production. Further Fall in Rupee Value- 1973 Oil Crisis All these turned the exchange rate of 1 Dollar to INR 7.50 by the year 1967. The situation was worsened by the 1962 war of India and China, followed by the 1965 war of India and Pakistan, and the drought that had hit the nation in 1966. This was on account of the country’s credit from the international market. But the Indian economy started witnessing a downfall starting from the 1950s. The value of 1 INR in 1947 was 4.76 (if a direct comparison is not made). And owing to the absence of a standard form of currency comparison until 1944, this valuation of INR against the British pound remained dominant. However, the value of Indian currency was derived from the British pound, which then was 1 £ equal to 13 INR.

DOLLAR INDIAN RUPEE FREE

The value of 1 INR then could be taken as 1 USD, considering that the national balance sheet was free from any credit or debit. Indian currency began to be measured against the US dollar in 1947 after India gained its independence. dollar at a rate of 7.5 rupees = 1 dollar until 1971.įactors Contributing To The Indian Rupee Depreciation (1 USD to INR) – History Explained The inception

In fact, after the independence when India launched its 5 Year Plan, the Indian Rupee resultingly used to peg with the U.S.

The arrangement ended in the year 1966 and the rupee started witnessing devaluation.

As reported: from 1927 to 1966, 1 pound valued to 13 INR.

Another fact that one should notice is that India was under British Raj prior to its independence thus, the Indian Rupee was pegged to Pounds then, keeping the value stable at that moment, which obviously, didn’t last long.

The balance sheet of India that kept Indian Rupee at parity with the US Dollar.

When India got her independence in the year 1947- there were no outstanding credits on the.

If you are thinking that exchanging 1 USD to INR in 1947 would have got you 1 Rupee exactly, then, sadly, that’s not true. Honestly, it is nothing more than a myth. YEARīreaking the monotony on this legendary question–How the Indian rupee has devalued since 1947 till date? We’ve come up with a detailed answer that clarifies the smog from this long-lived question.

We have brought you 1 USD to INR values table ranging all the way from 1947 till date so that you can see the change in INR’s value. The 1 USD to INR exchange rate has always had extreme volatility since the inception and seen plethora of fluctuations over the years. What’s been the value of 1 USD to INR since 1947 till date? But the history involved in the process of scaling the INR helps in understanding the Indian economy better. In light of this, the Indian currency, like various others, is compared against the dollar to determine its value. Since then, the dollar has been enjoying worldwide attention.