The Journey Of Rupee From 1947 To 2024
Image: Pixabay
US dollar is one of the strongest currencies in the world today and most of the trade is pegged to it
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But there was a time when one dollar could be bought at less than four rupees as against 83 today
Image: Pixabay
The Great Depression of the 1930s broke the global economy but the rupee was pegged to Pound then so remained stable
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The effect continued after India's Independence, when dollar was worth Rs 4.16, according to 'Forbes'
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Post-Independence, government intervened from time to time to manage fluctuations and Rupee-Dollar exchange was stable
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However, wars with China and Pakistan disrupted the stability of the rupee and strained India's foreign exchange reserves
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Then came the oil crisis in the 1970s that led to inflationary pressures and increased the dollar rate
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The liberalisation of 1991 was a crucial turning point and significantly impacted the rupee-dollar exchange rate
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After these reforms, India moved from a fixed exchange rate system to a more flexible one
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'Forbes' said rupee was partially converted to the current account and the exchange rate of $1 reached Rs 35
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By the year 2000, the dollar rate increased to Rs 45 and a year later, to Rs 47
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After the 2008 slowdown and other crises, rupee further weakened - to around Rs 75 in 2020 and crossed the Rs 83 mark in 2023
Image: Unsplash
Image: Pixabay
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