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At the time of independence (in 1947), India's currency was pegged to pound sterling, and the exchange rate was a shilling and six pence for a rupee — which worked out to ₹13.33 to the pound. [23] The dollar-pound exchange rate then was $4.03 to the pound, which in effect gave a rupee-dollar rate in 1947 of around ₹3.30.
Fixed currency Anchor currency Rate (anchor / fixed) Abkhazian apsar: Russian ruble: 0.1 Alderney pound (only coins) [1]: Pound sterling: 1 Aruban florin: U.S. dollar: 1.79
Graph showing the official exchange rate of 1 CNY to the US dollar between 1981 and 2009. Official historical average exchange rates of Renminbi for major foreign currencies by year [8]
The Rp2,500 and Rp5,000 notes were deemed unnecessary thanks to the devaluation. The Rp2,500 rupiah note was eventually issued three years later due to continued high inflation, while the Rp5,000 note was never issued. The Rp10 and Rp25 notes were only circulated for 3 days, although they remained legal tender, and are today extremely rare.
An exchange rate regime is a way a monetary authority of a country or currency union manages the currency about other currencies and the foreign exchange market.It is closely related to monetary policy and the two are generally dependent on many of the same factors, such as economic scale and openness, inflation rate, the elasticity of the labor market, financial market development, and ...
In foreign exchange, a relevant factor would be the rate of change of the foreign currency spot exchange rate. A variance, or spread, in exchange rates indicates enhanced risk, whereas standard deviation represents exchange-rate risk by the amount exchange rates deviate, on average, from the mean exchange rate in a probabilistic distribution. A ...
One main criticism of a fixed exchange rate is that flexible exchange rates serve to adjust the balance of trade. [23] When a trade deficit occurs under a floating exchange rate, there will be increased demand for the foreign (rather than domestic) currency which will push up the price of the foreign currency in terms of the domestic currency.
Fixed exchange rate against the US dollar: Exchange rate: US$1:HK$5.650 (June 1972 – February 1973) US$1:HK$5.085 (February 1973 – November 1974) November 1974 – October 1983 Free floating: Exchange rates on selected days: US$1:HK$4.965 (25 November 1974) US$1:HK$9.600 (24 September 1983) 1983 – present Linked exchange rate system