Rupee's journey from teenage to super senior citizen
Chandra Shekhar was the prime minister of India when the local currency had crossed teenage 32 years ago. With forex reserves nearly depleting, the exchange rate was devalued sharply to 23 from 21 rupees in July against major foreign currencies.
The Rupee has become a super senior citizen Tuesday with the unit hitting 80.06 per US dollar. Since 1991 when it entered adulthood, the local unit has gone through a roller coaster ride in just over three decades extending losses to the dollar.
Chandra Shekhar was the prime minister of India when the local currency had crossed teenage 32 years ago. With forex reserves nearly depleting, the exchange rate was devalued sharply to 23 from 21 rupees in July against major foreign currencies.
PV Narasimha Rao, billed as one of the architects of India’s economic reforms, was the prime minister when the Rupee reached 30 in 1993. The country faced another economic crisis in 1997 when Inder Kumar Gujral was heading a coalition government. The Rupee hit 40 in January, 1998.
Manmohan Singh was running the government when Rupee touched 50 in October, 2008. Subsequently, it hit 60 by 2013 with no regime change in New Delhi.
Since then, the Rupee has reported two more record lows at 70 in 2018 and now 80. Prime Minister Narendra Modi has been running the country since 2014.
View: Rupee-dollar do their own dance
