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However, the ruble continued to rally in June 2022, hitting its highest point (51 rubles to the dollar) for the past seven years at the end of the month. [119] In early November 2023, the value of the Russian ruble increased slightly reaching a three-month high of 90 against the USD. The Russian key interest rate rose to 15% in October.
The national economy contracted in July 1991 as the Indian rupee was devalued. [29] The currency lost 18% of its value relative to the US dollar, and the Narsimham Committee advised restructuring the financial sector by a temporal reduced reserve ratio as well as the statutory liquidity ratio. New guidelines were published in 1993 to establish ...