https://sairam.dev/tags/repost/ Recent content in repost on Sai Ram's Blog Hugo -- gohugo.io en-us © 2020. All rights reserved. Mon, 06 May 2013 00:00:00 +0000 https://sairam.dev/post/repost-firstpost-bet-against-the-rupee-may-2013/ Mon, 06 May 2013 00:00:00 +0000 https://sairam.dev/post/repost-firstpost-bet-against-the-rupee-may-2013/ Source: money/studies/wp0028.pdf Chronology of India’s exchange rate policies • 1947 (When India became member of IMF): Rupee tied to pound, Re 1 = 1 s, 6 d, rate of 28 October, 1945 • 18 September, 1949: Pound devalued; India maintained par with pound • 6 June, 1966: Rupee is devalued, Rs 4.76 = $1, after devaluation, Rs 7.50 = $1 (57.5%) • 18 November, 1967: UK devalued pound, India did not devalue • August 1971: Rupee pegged to gold/dollar, international financial crisis • 18 December, 1971: Dollar is devalued • 20 December, 1971: Rupee is pegged to pound sterling again • 1971-1979: The Rupee is overvalued due to India’s policy of import substitution • 23 June, 1972: UK floats pound, India maintains fixed exchange rate with pound • 1975: India links rupee with basket of currencies of major trading partners.