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An even larger rise in the price of silver after the First World War caused the Royal Mint in London to reduce the silver content of the sterling coinage. But silver never returned to the 15½:1 ratio of the first half of the 19th century, and the predominant long term trend was that silver continued to decline in value against gold.
But when the California Gold Rush increased the supply of gold, its value was reduced relative to silver. The market rate fell below 15.5 to 1, and remained below until 1866. Frenchmen responded by exporting silver to India and importing nearly two-fifths of the world's production of gold in the period from 1848 to 1870. [18]
India was then a part of the sterling area, and the rupee was devalued on the same day by the same percentage so that the new dollar exchange rate in 1949 became ₹4.76 — which is where it stayed till the rupee devaluation of 1966 made it ₹7.50 to the dollar and the pound moved to ₹21.
Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets such as gold and silver held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets.
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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.
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Silver also found its way across other parts of the world as well. India and Europe both received a fair amount of silver. [14] This silver was often locally traded for other commodities, such as gold or crops. In India, silver flowed from the south to the north, and gold flowed the opposite way. [14]