The Indian rupee vs dollar history commenced in 1944 when the Britton Wood Agreement was passed. The Indian Rupee was equal to the dollar in 1947. Since then, the value of the Indian rupee has only gone down. This decline in the rupee’s value has been because of several factors, including the 1966 economic crisis and demonetisation. Here is all the important information about the rupee vs dollar.
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Indian Rupee
To understand the topic of the rupee vs dollar, we first have to learn about the Indian Rupee. Indian Rupee is the centralised currency of India, which is monitored and controlled by the Reserve Bank of India. A rupee is the collection of 100 paisas. Right now, the one rupee coin is the smallest value of the currency used in India. The currency management is done under the Reserve Bank of India Act, 1934 by the Reserve Bank of India. The code of Indian currency is INR. Moreover, there was no symbol of the Indian rupee until 2010.
In 2010, “₹” was announced as the official symbol of the Indian Rupee. The “₹” sign combines the Hindi Consonant’ ra’ and the Latin Capital letter R. However, the parallel lines on the top of the sign show the National Tricolour Flag. Moreover, ‘Rs’ and ‘Re’ were used as the sign of the Indian Rupee before 2010. Furthermore, the RBI prints the notes’ 10, 20, 50, 100, 200, 500 and 2000 Rs value. At the same time, the coins are available in 1, 2, 5, 10 and 20.
The Indian government announced the demonetisation of Rs 500 and Rs 1000 notes to fight against the problem of black money. Moreover, the government ordered RBI to print new notes of Rs 500 and Rs 2000. After some time, In 2017, the circulation of new Rs 10, 20, 50, 100 and 200 notes was also ordered.
US Dollar
The next stop of “rupee vs dollar” is the dollar. The dollar is the official currency of the United States of America.It is also known as American Dollar or Bucks. Moreover, the dollar was first introduced in 1792 under the Coinage Act. A dollar is equal to 100 cents. We can say that a cent equals 1/100th part of a dollar. The monitoring of the US currency is done by the Federal Reserve System, which is the so-called Central Bank of America.
The US dollar is denoted by USD, and the sign of the US dollar is “$”. Moreover, the US dollar is very dominant over the currencies of other countries. The US dollar is also among the most popular currencies in the international trading sector. However, the US dollar gained popularity after the bans on international exchanges during World War I. At that time, the US dollar became the most efficient means of exchange in the trading sector. After that, the US dollar became dominant in the world. Moreover, other countries use dollars to evaluate their currencies, including India.
Points to Remember
- Currency code: USD
- Symbol: $
- Currency name: Dollar, Cents
- Bank Notes: Stella, Eagle, Union, Grand
- Coins: Quarter, Dime, Nickel, Cent, Mill
- Official users: USA
- Centralised under: Federal Reserve System
Exchange Rate
It means to show the currency of a nation concerning the other government. Every country shows their exchange rate concerning the US dollar. If a country devalues their currency, then the amount of that currency in exchange for one US dollar will increase.
Devaluation
Devaluing currency means that the currency’s value goes down with respect to the US dollar. In other words, the nation dilutes its currency, and now its currency will become less strong in the Foreign Exchange Market. Devaluation does not affect the domestic value of the currency.
Foreign Exchange Market
The market where the currencies of different nations are exchanged, traded or converted into any other country’s currency is called the Foreign Exchange Market.
Indian Rupee vs Dollar
India did three major currency Devaluations since 1947. The exchange rate of Rupee vs dollar in 1947 was one Rupee for one dollar. It means that India was among some of the stronger countries in 1947. But the current rupee vs dollar exchange rate is 0.013 USD for 1 INR, i.e., 75.92 INR for one US dollar in simple conversion. Ultimately, the Indian rupee has become weaker.
But the point is, why did India devalue its currency? India or any other country devalues its currency to manage their Balance Of Payment which has been worsening. Moreover, India devalued its currency to make imports costlier and exports cheaper. This encourages exporters to export more goods to Foreign Markets, which rectifies the ratio of export to imports. On the other hand, costlier imports help generate more revenue. Ultimately, both the imports and exports help correct a bad Balance Of Payment (BOP).
First Devaluation
The first devaluation of the Indian rupee happened between 1950 and 1960. The devaluation was a lack of monetary funds in the government treasury. Moreover, the Indian Government had to do a lot of development work in India because India had just gained its independence from British rule. At that time, the value of Rupee vs dollar was $1 = Rs 4.75.
Second Devaluation
Then after some time, In 1962 and 1965, India had to get into the war against China and Pakistan. Moreover, the state of the monetary treasure was already not good. In addition, India also got stuck in a huge problem of drought, which affected the crop production capacity of the country.
Third Devaluation
In 1973, India had to face an oil shortage as the Arab Petroleum had decided to cut the crude oil production. After that, a major political instability also happened in India. PM Indira Gandhi was assaulted by her bodyguard for some internal decisions of the Indian Government. However, this created a very dramatic scene and nationwide killings of the people of a particular religion. These external and internal factors reduced the power of the Rupee vs dollar to $1 = ₹17.50.
Conclusion
The Indian rupee is the currency of India that the Reserve Bank of India monitors. In 1947, the Indian rupee was equal to the dollar. However, since then, its devaluation has happened three times. Hence, as of 2022, the current rupee vs dollar value is 1 rupee = 0.013 dollars.
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