As India is celebrating its 77th Independence Day, one must remember the role of Indian rupee to stabilize our economy to take us to top 5 economies of the world
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5 points in journey of Indian currency since 1947
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In 1947, when India achieved independence, the value of rupee was just 4 against the dollar
Independence
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During the China and Pakistan war in 1962 and 1965 was the first blow when India faced BoP crisis
China & Pakistan war
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In the year 1990-91, India was again struck by a major currency crisis forcing RBI to devalue rupee, govt then pushed the LGP reforms
1990-91 currency crisis
In 2016, the Indian govt took the historic decision to demonetise 500, 1000 rupee notes
Demonitisation
Credit : Telegraph India
Recently, RBI has taken multiple steps to settle international payments in rupee, especially for exports