Devaluation refers to a decrease in the value of a country's currency relative to other currencies. For India, this usually means the Indian Rupee (INR) becomes weaker compared to currencies like the US Dollar (USD) or Euro (EUR). The RBI and the government often manage currency values, but devaluation can also happen due to market pressures or external economic factors.
India has experienced devaluation multiple times, most notably in 1991, during the balance of payments crisis. The Indian government was forced to devalue the rupee to address a foreign exchange crisis. This moment in India’s economic history reshaped its policy direction, from protectionism to liberalization. The 1991 crisis also marked the beginning of economic reforms aimed at integrating India into the global economy.
Devaluation may occur for several reasons, including:
Debt: High levels of foreign debt can also lead to a devaluation of the currency, as the country may be forced to print more currency to meet its obligations.
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