Exchange rate history of the Indian rupee

Monetary System and Exchange Rate before Independence

Prior to World War One, the major countries (England, USA etc.) were on the gold standard.  The Indian rupee coin was silver, convertible into gold at the prevailing 15:1 ratio based on their weights. [Note that 1 pound equalled 20 shillings (sh.) and 1 shilling equalled 12 pence (d.). So, 1 pound = 20×12 = 240d.] Hence the rupee exchange rate was 240/15 equalled 16 d. or 1 sh. 4 d. This was its par value. It was called a silver exchange standard: rupee notes were convertible into silver coin, and that was in turn convertible into gold. Based on the actual sale of Council Bills, incorporating transaction costs, the Rs. was 1 sh. 3.906 d. for the years 1907 to 1911, effectively at par. However, during World War 1 the Rs. rose to 1 sh. 4.906 d. by 1918-19 and during this time the par value was also raised.[1]

The rupee was worth one shilling and sixpence in sterling in 1947. The US dollar was worth ₹3.3085 in 1947[2] and ₹85.81 in December 2024.

Rupee Value in Early Post Independence Period

At Independence the Rs. was fixed at 1 sh. 6 d. which was equivalent of Rs 13.33 per pound sterling. In 1949 the pound was devalued against the U.S. dollar to $2.80 per pound, but the Rs. pound rate was left unchanged.  So the Rs. became 4.76 per $ (13.33/2.80). This fixed exchange rate continued until 1966 when the Rs. was devalued, following a severe drought, and based on World Bank advice and pressure to Rs. 7.50 per US $.[3]

Rupee Value after 1974

This is a list of tables showing the historical timeline of the exchange rate for the Indian rupee (INR) against the special drawing rights unit (SDR), United States dollar (USD), pound sterling (GBP), Deutsche mark (DM), euro (EUR) and Japanese yen (JPY).

Notes for Table Below

  • The data on exchange rate for Japanese Yen is in per 100 Yen.
  • The end-of-year rate for 1998–99 pertains to March 26, 1999, of the Deutsche Mark rate.
  • Data from 1971 to 1991–92 are based on official exchange rates.
  • Data from 1992 to 1993 onward are based on FEDAI (Foreign Exchange Dealers' Association of India) indicative rates.
  • Data from 1971 to 1972–73 for the Deutsche Mark and the Japanese Yen are cross rates with the US Dollar.
  • The Euro replaced the Deutsche Mark w.e.f. January 1, 1999.

1974 to 2024

Exchange Rate of the Indian Rupee vis-a-vis the SDR, USD, GBP, DM and JPY (FY, annual average and end-year rates)[4][5]
Year SDR (average) SDR (end year) USD (average) USD (end year) GBP (average) GBP (end year) DM/EUR (average) DM/EUR (end year) JPY (average) JPY (end year)
1974–75 9.6233 9.723 7.9408 7.74 18.8 18.776 3.1917 3.324 3 2.7
1975–76 10.3642 10.375 8.6825 8.973 18.3933 17.19 3.4458 3.535 3 3
1976–77 10.35 10.206 8.9775 8.804 15.5733 15.144 3.6308 3.686 3 3.2
1977–78 10.1605 10.43 8.5858 8.434 15.4292 15.656 3.8358 4.169 3.33 3.8
1978–79 10.4315 10.488 8.2267 8.15 15.9658 16.861 4.22 4.364 4 3.9
1979–80 10.4935 10.251 8.0975 8.193 17.655 17.753 4.4717 4.219 3.58 3.3
1980–81 10.1777 10.0620 7.9092 8.1900 18.5042 18.3800 4.1875 3.9000 3.7500 3.9000
1981–82 10.3354 10.4030 8.9683 9.3460 17.1096 16.6520 3.8607 3.8710 3.9400 3.8000
1982–83 10.5628 10.7540 9.6660 9.9700 16.1356 14.7460 3.9600 4.1090 3.8900 4.2000
1983–84 10.9405 11.3940 10.3400 10.7070 15.4174 15.4460 3.9402 4.1340 4.3800 4.8000
1984–85 11.9328 12.3210 11.8886 12.4300 14.8668 15.4500 3.9877 4.0190 4.8700 4.9000
1985–86 12.9232 13.9860 12.2349 12.3061 16.8467 18.2500 4.5553 5.3020 5.6200 6.8000
1986–87 15.4472 16.6210 12.7782 12.8882 15.2255 20.7490 6.2970 7.1620 8.0200 8.9000
1987–88 17.1208 17.9700 12.9658 13.0318 22.0872 24.3510 7.4004 7.8070 9.4100 10.3000
1988–89 19.2619 20.2080 14.4817 15.6630 25.5959 26.3990 8.0494 8.2590 11.3000 11.8000
1989–90 21.3684 22.4090 16.6492 17.3248 26.9179 28.3010 9.0922 10.1670 11.6600 11.0000
1990–91 24.8431 26.4140 17.9428 19.6429 33.1930 34.0500 11.4351 11.4270 12.7900 13.9000
1991–92 33.4325 35.5143 24.4737 31.2256 42.5151 53.6913 14.6248 18.3501 18.4400 23.2800
1992–93 37.1415 43.6511 30.6488 31.2354 51.6858 46.6200 19.5877 19.2864 24.5900 26.9900
1993–94 43.8863 44.3133 31.3655 31.3725 47.2064 46.5200 18.7403 18.7575 29.1100 35.5200
1994–95 45.7908 49.1558 31.3986 31.4950 48.8211 50.5650 20.2017 22.3600 31.6341 35.2888
1995–96 50.4768 50.1633 33.4498 34.3500 52.3526 52.4300 23.3993 23.3038 34.8425 32.2975
1996–97 50.8858 49.8032 35.4999 35.9150 56.3646 58.6938 22.9244 21.3863 31.5879 28.9463
1997–98 50.6735 52.7677 37.1648 39.4950 61.0240 66.1638 20.9613 21.3350 30.2990 29.7813
1998–99 57.5129 57.6132 42.0706 42.4350 69.5505 68.3588 24.1792 23.2863 33.1341 35.3263
1999–00 58.9335 58.7505 43.3327 43.6050 69.8510 69.5100 44.7909 41.7975 39.0606 41.4825
2000–01 59.5459 58.7969 45.6844 46.6400 67.5522 66.5788 41.4832 41.0113 41.4052 37.4338
2001–02 60.2150 60.8446 47.6919 48.8000 68.3189 69.5863 42.1811 42.6438 38.1790 36.8063
2002–03 64.1257 65.2550 48.3953 47.5050 74.8193 74.9225 48.0901 51.4925 39.7363 39.8925
2003–04 65.6876 64.2393 45.9516 43.4450 77.7389 79.6813 53.9896 53.1725 40.7077 41.6725
2004–05 66.9282 66.0987 44.9315 43.7550 82.8644 82.1125 56.5523 56.5863 41.8046 40.8075
2005–06 64.4898 64.2566 44.2735 44.6050 79.0472 77.7963 53.9124 54.1875 39.1438 38.0188
2006–07 67.2538 65.8289 45.2849 43.5950 85.7274 85.5938 58.1110 58.1513 38.7975 37.0338
2007–08 62.6506 65.7307 40.2410 39.9850 80.8016 79.5138 56.9906 63.0963 35.2896 40.0650
2008–09 71.2770 76.1742 45.9170 50.9450 78.4485 72.8575 65.1345 67.4713 46.0521 51.8900
2009–10 73.7333 68.5335 47.4166 45.1350 75.8861 68.0188 67.0843 60.5913 51.1261 48.4338
2010–11 69.7228 70.7930 45.5768 44.6450 70.8853 71.9163 60.2181 63.2350 53.2963 54.0175
2011–12 75.3132 79.2512 47.9229 51.1600 76.3912 81.7975 65.8939 68.3550 60.7484 62.4250
2012–13 83.0262 81.4764 53.2112 54.2323 85.9713 82.3209 70.0693 69.5438 65.8530 57.7600
2013–14 92.2602 92.7790 60.5019 60.0998 98.3058 99.8498 60.4026 58.8300 81.1745 82.5765
2014–15 90.7955 86.3431 61.1436 62.5908 98.5731 92.4591 55.8266 52.1100 77.5209 67.5104
2015–16 91.3452 93.4510 65.4685 66.3329 98.7260 95.0882 54.5934 59.0600 72.2894 75.0955
2016–17 92.6156 87.9763 67.0720 64.8386 87.6897 80.8797 62.0350 57.9600 73.6087 69.2476
2017–18 90.8989 94.8065 64.4549 65.0441 85.5129 92.2846 58.1822 61.5400 75.4378 80.6222
2018–19 98.0361 96.0273 69.9229 69.1713 91.7865 90.4756 63.0468 65.5200 80.9580 77.7024
2019–20 53.7511 51.2563 74.5321 73.2365 99.9785 100.0524 84.6404 80.2459 81.2654 81.2256
2020–21 55.0003 54.2485 73.2256 74.5692 100.0256 101.5623 88.3686 86.2500 82.1101 79.2231
2021–22 92.8908 94.5521 82.44 82.76 101.81 99.55 86.59 84.65 66.33 62.23

References

  1. ^ Ambedkar, B. R. (1947) History of Indian Currency and Banking. Bombay: Thacker & Company Ltd., p. 250.
  2. ^ "Rupee's journey since Independence: Down by 65 times against dollar". The Economic Times. Bennett, Coleman & Co. 2013-08-04. Archived from the original on 2013-08-29. Retrieved 2014-09-02.
  3. ^ Joshi, Vijay; Little, Ian Malcolm David (1994-01-01). India: Macroeconomics and Political Economy, 1964-1991. World Bank Publications. p. 82. ISBN 978-0-8213-2652-7.
  4. ^ "Table 140 : Exchange Rate of the Indian Rupee vis-à-vis the Sdr, US Dollar, Pound Sterling, D.M./Euro and Japanese Yen (Financial Year-Annual Average and end-Year Rates)". Handbook of Statistics on Indian Economy. Reserve Bank of India. 2013-09-16. Archived from the original on 2014-09-02. Retrieved 2019-11-09.
  5. ^ "Table 140 : Exchange Rate of the Indian Rupee vis-à-vis the Sdr, US Dollar, Pound Sterling, D.M./Euro and Japanese Yen (Financial Year-Annual Average and end-Year Rates)". Handbook of Statistics on Indian Economy. Reserve Bank of India. 2019-09-15. Archived from the original on 2019-11-09. Retrieved 2019-11-09.
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