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Data from 1971 to 1991–92 are based on official exchange rates. Data from 1992 to 1993 onward are based on FEDAI (Foreign Exchange Dealers' Association of India) indicative rates. Data from 1971 to 1972–73 for the Deutsche Mark and the Japanese Yen are cross rates with the US Dollar. The Euro replaced the Deutsche Mark w.e.f. January 1, 1999.
The exchange rate determination is an important component for the inflationary pressures that arises in India. The liberal economic perspective in India affects the domestic markets. As the prices in United States rises it impacts India where the commodities are now imported at a higher price impacting the price rise. Hence, the nominal ...
20 December - Government of India links Indian rupee with Pound sterling following the devaluation of United States dollar post Smithsonian Agreement. The rupee was pegged at par value of Rs. 18.9677 is to 1 £ and Pound was designated as the intervention currency. [8] The event marks the departure of Indian rupee from par value system to ...
Wall Street analysts expect gold's rally to keep going in 2025 after the precious metal saw its biggest annual jump in 14 years. On Thursday, gold futures (GC=F) jumped more than 1% to hover above ...
“America is broke right now, and we saw that coming back in 1971, you know, Nixon took the dollar off the gold standard, and then this became trash,” he said during a recent Fox Business ...
The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States President Richard Nixon on 15th August 1971 in response to increasing inflation.
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This price difference was due to price controls on gold in the US: The official price of gold in US$ had not changed in 27 years, leading to a difference between the domestic value of the US dollar and its value in foreign markets. The official price had been fixed following the 1933 enactment of Executive Order 6102, under which the US ...