Question
In which year the Indian rupee was devalued two times within a month?
Answer: Option B
Answer: (b)
In 1991, India faced a serious balance of payment crisis and was forced to sharply devalue its currency. The country was in the grip of high inflation, low growth and the foreign reserves were not even worth meeting three weeks of imports.
Under these situations, the currency was devalued to 17.90 against the dollar. In July of 1991, the Indian Government devalued the rupees by between 18 and 19%. The Government also changed its trade policy higher restrictive to a system of tradable EXIM SCRIPS.
Was this answer helpful ?
Answer: (b)
In 1991, India faced a serious balance of payment crisis and was forced to sharply devalue its currency. The country was in the grip of high inflation, low growth and the foreign reserves were not even worth meeting three weeks of imports.
Under these situations, the currency was devalued to 17.90 against the dollar. In July of 1991, the Indian Government devalued the rupees by between 18 and 19%. The Government also changed its trade policy higher restrictive to a system of tradable EXIM SCRIPS.
Was this answer helpful ?
More Questions on This Topic :
Question 2. The ‘Mudra Bank’ is a subsidiary of....
Question 8. Who appoints a banking ombudsman?....
Question 10. The Word ‘Actuaries’ is related to....
Latest Videos
Latest Test Papers
Submit Solution