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Asked by Mahender Last Modified
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Harpreet Kaur
IELTS, Interviewer, Spoken English trainer with 2 years of experience in IELTS industry.
Devaluation of rupee means a deliberate downward adjustment in the official exchange rate of rupee relative to other currencies. For example, if the dollar-rupee exchange rate, which was 1=Rs50,ischangedto 1 = 60 under a fixed exchange rate system by the government, then in such an instance, the rupee is said to be devalued.
There were two important implications of the devaluation of rupee in 1991. First, devaluation made India's exports relatively less expensive for foreigners and increased their competitiveness and second, it made foreign products relatively more expensive for domestic consumers, discouraging imports.
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Mandakini Singh
Teaching is more than just a job, it is a responsibility. A responsibility to help shape career..
When the government deliberately lowers the value of its currency i.e. reduces the purchasing power of its own currency, it is called devaluation of the currency.
Devaluation of rupee by the government of India will reduce the cost of exports (exports will be cheaper, hence more foreigners will buy our products) and increase the cost of imports (purchasing from foreign countries will be expensive). This will help in reducing the trade deficit.
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