Indian rupee was devalued in for the first time in
Answers
Indian rupees was devalued in for the first time in
1996
Devaluation of currency means a decrease in the value of a country's currency relative to that of a foreign country. It is a result of specific government action.
Since 1947, Indian rupee has devalued for three times. Talking about 1947, the exchange rate during that year was 1 USD to 1 INR.
In devaluation only the external value of the domestic currency reduces but the internal value of the currency remains constant.
Devaluation of a country's currency is done to correct the Balance of Payments of that country.
India faced two major financial crisis since the indepence, one in 1966 and other in 1991.
India devalued Indian Currency for the first time in 1966. Although devaluation was done to improve the economy of the country but still our country faced severe Balance of Payments deficit.