Mystery of the Indian Rupee's Freefall
In 1960, The Exchange Rate between Indian Rupee and US dollar was 4.76 to 1. In 2023, it became around 83 Rupees to 1 USD. This Book, which is the result of intense research, lead by the author is all about finding the Mystery that lay behind that kind of free fall of the Indian Rupee against the US Dollar.
The Author discovered that;
1. The common belief that every devaluation of a currency helps increase the concerned country's Export is actually not true but a fallacious theory.
2. It is not devaluation but a stable Exchange Rate of a currency that generates a faster growth rate in Exports.
3. Even a revaluation upwards of a currency can stimulate Export growth.
4. There is yet an unwritten but naturally existing law when devaluation of a currency is carried out violating this law the devaluation becomes unproductive. The book has defined this and named it as Currency Devaluation Law.
5. The country who abdicated the responsibility of managing and controlling the Exchange Rate of her currency effectively can never develop to her potential.
6. There are 3 prominent ways to manage the Exchange Rate of a currency. They are PEGGED, INDIRECTLY PEGGED and FREELY FLOATED.
The book insists that out of these 3 ways, going back to the pegged system from the present freely floated will be in best interest of India.
The book has proved all the findings with easy to understand tables constructed from data given by the World Bank.
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