Why you should be betting against the rupee now - Firstpost
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. Although the basket is periodically altered, the link is maintained until the 1991 devaluation.
• July 1991: Rupee devalued by 18-19 %
• March 1992: Dual exchange rate, LERMS, Liberalised Exchange Rate Management System
• March 1993: Unified exchange rate: $1 = Rs 31.37
• 1993/1994: Rupee is made freely convertible for trading, but not for investment purposes