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This fixed exchange rate was maintained until 11 May 1972, in which the rupee was devalued to Rs.11/- per dollar. [30] Initially, the Indian and Pakistani rupees were at parity until sterling was devalued in 1949, in which India followed suit but Pakistan did not. This caused the Pakistani rupee to be valued at a 44% premium to the Indian rupee ...
The Indian rupee was the official currency of Dubai and Qatar until 1959, when India created a new Gulf rupee (also known as the "external rupee") to hinder the smuggling of gold. [16] The Gulf rupee was legal tender until 1966, when India significantly devalued the Indian rupee and a new Qatar-Dubai riyal was established to provide economic ...
The Pakistani rupee depreciated against the US dollar until around the start of the 21st century, when Pakistan's large current-account surplus pushed the value of the rupee up versus the dollar. Pakistan's central bank then stabilized by lowering interest rates and buying dollars, in order to preserve the country's export competitiveness.
Around 6.5 million Muslims moved from India to West Pakistan and 4.7 million Hindus and Sikhs moved from West Pakistan to India. [107] It was the largest mass migration in human history. [108] A subsequent dispute over the princely state of Jammu and Kashmir eventually sparked the Indo-Pakistani War of 1947–1948. [109]
In 2024, India's External Affairs Minister S Jaishankar has stated "because you won’t let us into the G7 club" with reference to India's participation in BRICS and the current trend of global governance for emerging economies and rising powers. [165] [166] The EAM also stated that G7 exists despite G20, so BRICS should also be allowed to exist.
The $44 million Pakistan-China Fiber Optic Project, an 820 km long fiber optic wire connecting Pakistan and China, will be constructed using concessionary loans at an interest rate of 2%, rather than the 1.6% rate applied to other projects.
Punjab ranked first in GDP per capita amongst Indian states in 1981 and fourth in 2001, but has experienced slower growth than the rest of India in recent years, having the second-slowest GDP per capita growth rate of all Indian states and union territories (UTs) between 2000 and 2010, behind only Manipur. Between 1992 and 2014, Punjab's life ...