Rupee's journey since Independence: What was the exchange rate of dollar to INR in August 15 1947?

New Delhi, Aug 14: The Independence Day of India is celebrated religiously throughout the country every year. India will celebrate its 74th Independence Day on 15th of August, 2020. The year 2020 marks the 74th Independence Day which will be celebrated amid the ongoing coronavirus pandemic in the country.

However, since its Independence in 1947, India has faced two major financial crises and two consequent devaluations of the rupee: In 1966 and 1991. Many geopolitical and economic developments have affected its movement in the last 74 years.

There were several reports that when India got freedom on August 15, 1947, the value of the rupee was on a par with the American dollar but today we have to spend 66 INR to buy a USD 74.82 INR. However, there are no real data points to suggest its validity.

According to reports, the exchange rate was pegged to pound sterling at Rs. 13.33 or Rs. 4.75/dollar in September 1949. This was remained unchanged till June 1966, when the rupee was devalued by 36.5% to Rs. 21/pound or 1$ = Rs. 7.10. This system continued till the 1971, when the Bretton woods system collapsed with the suspension of convertibility of the dollar by the USA.

Here, a chart will show you the changing value of 1 USD to INR:

1 USD to INR Rates From 1947 to 2020