Why india devalued its currency by 23% in 2 phases during june 1991?
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In the case of the 1991 devaluation, the Gulf War led to much higher imports due to the rise in oil prices. The trade deficit in 1990 was US $9.44 billion and the current account deficit was US $9.7 billion. ... In July of 1991 the Indian government devalued the rupee by between 18 and 19 percent.
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Devaluation of the Rupee: Tale of Two Years, 1966 and 1991. Devika Johri & Mark Miller. Introduction ince its independence in 1947, India
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