Prefatory Note: This was part of a 1993 study I did as a Consultant at the International Monetary Fund in Washington in a project on exchange-rates and exports of “South Asian” countries for Hubert Neiss. The IMF is not responsible for its content. It was included in “India in World Trade & Payments”, first published in The Statesman, Feb 11-12 2007. See also
1) Monetary Integrity and the Rupee
2) My article “India’s Money” in *Cayman Financial Review*
3) My 3 Dec IIC Delhi talk “Towards Making the Indian Rupee a Hard Currency of the World Economy: An analysis from British times until the present day” & its coverage in Asian Age/Deccan Herald, GDI Impuls Zurich, Lok Sabha TV & Sunday Guardian
4) Did Jagdish Bhagwati “originate”, “pioneer”, “intellectually father” India’s 1991 economic reform? Did Manmohan Singh? Or did I, through my encounter with Rajiv Gandhi, just as Siddhartha Shankar Ray told Manmohan & his aides in Sep 1993 in Washington? Judge the evidence for yourself. And why has Amartya Sen misdescribed his work? India’s right path forward today remains what I said in my 3 Dec 2012 Delhi lecture!
5) No magic wand, Professor Rajan? Oh but there is…
and indeed https://independentindian.com/2013/11/23/coverage-of-my-delhi-talk-on-3-dec-2012/
December 29, 2009 at 6:48 am
You say here “This was in spite of weakening reserve positions and numerous severe shocks to the economy including a 1963 war with China and a 1965 war with Pakistan, as well as severe droughts and food crises.” But the war with China was in 1962!
December 29, 2009 at 8:39 am
Indeed I did. This was written in 1993 and I do not recall now if I made a mistake or meant to suggest that the war which started in late 1962 had its economic impact in 1963. In any case, the anonymous commentator is referred to my several recent articles on the 1962 war reproduced here.
May 24, 2010 at 12:00 pm
I find that most sources mention India devalued the rupee 18-19% in July whereas Dr Roy has been very precise: 9% on 1 July and 11% on 3 July.
May 24, 2010 at 1:59 pm
Readers are reminded they are welcome to quote from my work under the normal “fair use” rule, but please quote me by name and indicate the place of original publication in case of work that is being republished here. In case of this study, it should be referred to as “Path of the Indian Rupee 1947-1993” by Dr Subroto Roy, first published at http://www.independentindian.com 2008, part of his study “Exchange-rates and manufactured exports of South Asia”, IMF Washington DC mimeo, 1993.
May 19, 2012 at 6:59 am
Dr Roy, If the devaluation on June 6 1966 by 57.5 percent to Rs. 7.50 per United States dollar, was the rate of dollar before devaluation under Rs.5? Kamlesh Doctor, Ahmedabad.
May 19, 2012 at 9:14 am
Clearly yes. (There had been a 1949 devaluation too along with sterling incidentally.)
May 24, 2012 at 3:22 pm
In June,1966 United States $=Indian 7.50 rs.
What is the value of Indian rupee against dollar in 1947
May 25, 2012 at 3:08 pm
can you please tell me how much Rupee would a Dollar make in 1947 and 1900.
October 23, 2012 at 10:08 am
What is the price of one GBP, USD,Dutch mark on 15th august 1947 in INDIAN RUPEES ?
January 14, 2015 at 6:16 pm
Exchanged*…so external debt became 10 times in 7-8 years’ time.This must have caused huge rise in exchange rate between usd n INR.
June 30, 2015 at 9:26 am
Why were taxing exports and removing export subsidiaries a good thing?
August 4, 2018 at 12:19 pm