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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.
Gold smuggling was rampant in India until liberalisation, which repealed The Gold (Control) Act, 1968 that prohibited the import of gold except for jewellery. [4] In the 2011–12 period India's current account deficit burgeoned to 4.2% of its GDP. [5] This was due to high prices of oil and gold, which the country imports in huge volumes. [6]
Foreign direct investment (FDI) and portfolio investments can significantly impact reserves. The Reserve Bank of India may intervene in the foreign exchange market to stabilize the Indian rupee, influencing reserves. Fluctuations in commodity prices, interest rates, and international trade dynamics can affect reserves.
Since 1991, the rupee has been under a floating exchange rate regime. [94] The first major impact on the rupee's exchange rate after independence was the devaluation of the pound sterling against the US dollar in 1949, which impacted currencies that maintained a peg to the sterling, which included the Indian rupee. [95]
The BIS system of hallmarking of gold jewellery began in April 2000. The standard specifications governing this system are IS 1417 (grades of gold and gold alloys, jewellery/artefacts), IS 1418 (assaying of gold in gold bullion, gold alloys and gold jewellery/artefacts), IS 2790 (guidelines for manufacture of 14, 18 and 22 carat gold alloys only ), IS 3095 (gold solders for use in manufacture ...
In 2009, India purchased 200 tonnes of gold from the International Monetary Fund, worth US$6.7bn (€4.57bn, £4.10bn). [15] In June 2020, India's foreign exchange reserves crossed the US$500 billion mark for the first time. [16] In June 2021, India's foreign exchange reserves crossed the US$600 billion mark for the first time. [17] [18]
In 1958, the government applied a new exchange rate of रु1.505 = ₹1 for the purchase of plane tickets only. A hard peg of रु1.60 = ₹1 was instituted in 1960, which was revalued to रु1.0155 = ₹1 when the Indian rupee was sharply devalued on 6 June 1966. [2] The Indian rupee ceased to be legal tender in Nepal in 1966. [2]
The Indian rupee sign ₹ is the currency symbol for the Indian rupee (ISO 4217: INR), the official currency of India. Designed by D. Udaya Kumar , it was presented to the public by the Government of India on 15 July 2010, [ 1 ] following its selection through an open competition among Indian residents.