{"id":27877,"date":"2018-10-23T16:44:09","date_gmt":"2018-10-23T11:14:09","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=27877"},"modified":"2018-10-23T16:44:09","modified_gmt":"2018-10-23T11:14:09","slug":"a-brief-history-of-the-rupee","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/a-brief-history-of-the-rupee\/","title":{"rendered":"A brief history of the rupee"},"content":{"rendered":"<p><a href=\"https:\/\/www.thehindu.com\/opinion\/op-ed\/a-brief-history-of-the-rupee\/article24739411.ece\">A brief history of the rupee<\/a><\/p>\n<p><strong><u>News:<\/u><\/strong><\/p>\n<ol>\n<li>Recently, the rupee depreciated to more than 70 to a dollar led to historical comparisons to the value of the rupee.<\/li>\n<\/ol>\n<p><strong><u>Important facts: <\/u><\/strong><\/p>\n<p><u>2. The author discussed the brief history of the rupee: <\/u><\/p>\n<ul>\n<li>Britain (and France) declared war on Germany in 1939.<\/li>\n<li>As a result, India\u2019s preparation was geared up by the colonial government towards the war effort through imposition of controls.<\/li>\n<li>Transferring money outside the sterling area required permission under rules that were laid down in London.<\/li>\n<li>By the end of the World War II, India had accumulated a sizeable sterling balance.<\/li>\n<li>The corresponding increase in rupee circulation stoked war inflation in India.<\/li>\n<li>The restrictions on capital goods imports continued because the Bank of England (BoE) had blocked what were called India\u2019s sterling balances.<\/li>\n<li>After the war ended, the transfer of the sterling balances was negotiated between India and Britain.<\/li>\n<li>The next sterling balance negations were held in London in July 1947.<\/li>\n<li>After Aug 15, 1947, India and Pakistan would have had no forex other than the sterling balances to pay for imports.<\/li>\n<li>The Indian side,\u00a0 agreed to two types of deductions from the sterling balances.<\/li>\n<\/ul>\n<ol>\n<li>Towards the pensions of former British members of the ICS.<\/li>\n<li>The value of military equipment, regardless of the condition and worth, the British forces had left behind.<\/li>\n<\/ol>\n<ul>\n<li>The British side gave credible warnings of an imminent sterling devaluation.<\/li>\n<li>India failed to capitalise on them.<\/li>\n<li>The sterling was floated against the major international currencies in the early 1970s, the rupee as late as 1993-1994.<\/li>\n<li>The two currencies were delinked in 1975.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>A brief history of the rupee News: Recently, the rupee depreciated to more than 70 to a dollar led to historical comparisons to the value of the rupee. Important facts: 2. The author discussed the brief history of the rupee: Britain (and France) declared war on Germany in 1939. As a result, India\u2019s preparation was&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/a-brief-history-of-the-rupee\/\">Continue reading <span class=\"screen-reader-text\">A brief history of the rupee<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-27877","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704911893},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/27877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=27877"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/27877\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=27877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=27877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=27877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}