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But if the price difference becomes zero then Indian goods will be way more expensive than competitive countries and it will hamper the export of goods which is not good for developing nations. Export of goods will reduce – Many countries buy Indian products because of less price.The overseas transportation and logistics costs will be reduced.Brain Drain will stop/reduce – One will not choose a job in another country as an option if they are getting the same amount as payment here.But if the value of 1 INR is equal to 1 USD then travelling will be less expensive. Travelling to another country will be cheaper – Now if someone wants to go on foreign vacation then they have to think about budget and it is very expensive.Ex: If one wants to buy the latest iPhone for $500 then that person can buy it at just ₹500. Imports will be cheaper – As the value of the rupee becomes more than other currencies, we have to pay less price than now for buying goods which is beneficial for developing countries.But let us assume if this happens then what will be the positive and negative aspects. Seeing all these reasons it seems impossible that the value of 1 INR will be equal to 1 USD. Depreciation in 2013 = Due to the surge in dollar demand from import and capital outflows by FIIs pulling out, the debt market exchange rate decreased from 55.48/$ on May 22 to 57.07/$ within the next fifteen days.Global Economic Crisis = In 2007 Indian rupee touched a high of ₹39 to the dollar but the global economic crisis in 2008 depreciated the value of the rupee and it touched the low of ₹ 51.The government had a balance of payment problem due to which an economic crisis happened. The changes in demand and supply during this time led to a change in the value of the rupee. Economic Crisis in 1991 = In 1991 Indian government realized the value of liberalization.Many political changes happened in India during this period like the assassination of Indira Gandhi which led to the loss of confidence of foreign investors.So to attract them, the government again changed the exchange rate. At this point, India needs foreign investors. Wars = In the wars between Pakistan and China, India suffered many losses and again had to take loans from other countries.So Indian government devalued the Indian rupee. But they were unable to pay back the money with the present exchange rate. Devaluation of rupee = After independence, the Indian government took loans from many countries and institutions for the development of the country.Since the independence value of INR is continuously decreasing due to many reasons. Today the value of 1 US dollar is in the range of 72 – 75 Indian rupees. Iranian Rial (IRR) is the lowest valued currency in the world, 1 INR = 570 IRR.Kuwaiti Dinar (KWD) has the highest currency in the world, 1 KWD= 245.70 INR.In 2020, due to the COVID-19 outbreak USD to INR exchange rate hits a record low 1 USD = 76.67 INR.It is believed that in 1947, the value of 3.30 INR was equal to 1 USD.“So the American economy needs the world, and the world needs the American economy.” – Rodrigo Rato We will not allow disorderly movements.“With liberalization, Indian industry gained international exposure because of which it became imperative for companies to rework their strategies to become globally competitive.” – Baba Kalyani
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"We will stand for its stability, and we're doing it on an ongoing basis even as I speak. Meanwhile, Reserve Bank Deputy Governor Michael D Patra on Friday said the Central Bank will not allow "jerky movements" of the rupee and stressed that the Indian currency has witnessed the least depreciation in recent times. On the domestic equity market front, the BSE Sensex ended 462.26 points or 0.88 per cent higher at 52,727.98, while the broader NSE Nifty gained 142.60 points or 0.92 per cent to 15,699.25.įoreign institutional investors remained net sellers in the capital market on Thursday as they offloaded shares worth Rs 2,319.06 crore, as per stock exchange data. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.25 per cent to 104.17.īrent crude futures, the global oil benchmark, advanced 1.13 per cent to $111.29 per barrel. On Thursday, the rupee had settled at 78.32 against the US dollar.