when was devaluation of rupee done in india
History of the rupee Since its Independence in 1947, India has faced two major financial crises and two consequent devaluations of the rupee: In 1966 and 1991.[9]
Decimalisation India changed from the rupee, anna, pie system to decimal currency on 1 April 1957.
Agra Sh훮h Jah훮n later shifted the capital to Delhi during his reign, but his son Aurangzeb moved the capital back to Akbarab훮d, usurping his father and imprisoning him in the Fort there. Akbarab훮d remained the capital of India during the rule of Aurangzeb until he shifted it to Aurangabad in the Deccan in 1653.
History of the rupee For the record, the rupee was never equal to the dollar. At the time of independence(in 1947), India’s currency was pegged to pound sterling, and the exchange rate was a shilling and six pence for a rupee — which worked out to Rs 13.33 to the pound. The dollar-pound exchange rate then was $4.03 to the pound, which in effect gave a rupee-dollar rate in 1947 of around Rs 3.30. The pound was devalued in 1949, changing its dollar parity from 4.03 to 2.80. India was then a part of the sterling area, and the rupee was devalued on the same day by the same percentage, so that the new dollar exchange rate in 1949 became Rs 4.76 — which is where it stayed till the rupee devaluation of 1966 made it Rs 7.50 to the dollar and the pound moved to Rs 21. [16]