Indian Rupee Exchange Rate To Us Dollar History
The Indian rupee is the official currency of India. The exchange rate of the Indian rupee to the US dollar has fluctuated over the years. In this article, we will take a look at the history of the exchange rate between the Indian rupee and the US dollar.
Pre-Independence Era
Before India gained independence from the British in 1947, the Indian rupee was pegged to the British pound. The exchange rate between the Indian rupee and the US dollar was fixed at 13.33 rupees per dollar.
Post-Independence Era
After India gained independence, the exchange rate between the Indian rupee and the US dollar was fixed at 4.76 rupees per dollar. This fixed exchange rate was maintained until 1966, when the Indian government devalued the rupee by 36.5%.
The 1970s
In the 1970s, the Indian government continued to devalue the rupee in an effort to bring down inflation. By 1975, the exchange rate between the Indian rupee and the US dollar had dropped to 8.39 rupees per dollar.
The 1980s and 1990s
In the 1980s and 1990s, the Indian government implemented economic reforms to liberalize the economy. This led to an increase in foreign investment and an appreciation of the Indian rupee. By 1990, the exchange rate had increased to 17.50 rupees per dollar.
The Late 1990s and 2000s
In the late 1990s and 2000s, the Indian economy continued to grow, and the exchange rate between the Indian rupee and the US dollar remained relatively stable. However, in 2008, the global financial crisis led to a sharp depreciation of the Indian rupee. By 2013, the exchange rate had dropped to 68.80 rupees per dollar.
Recent Years
In recent years, the exchange rate between the Indian rupee and the US dollar has fluctuated due to a number of factors, including global economic conditions, geopolitical tensions, and domestic economic policies. As of June 2021, the exchange rate is around 74 rupees per dollar.
Conclusion
The history of the exchange rate between the Indian rupee and the US dollar is a reflection of the economic and political developments in India and the world. While the exchange rate has fluctuated over the years, the Indian rupee remains an important currency in the global economy.