Economics · Indian Economy History
What fundamental action does the term 'Devaluation' of the Indian Rupee, carried out by the government in 1966, primarily signify?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1All high-denomination Rupee banknotes were demonetized and replaced.
- 2The government transitioned to a fully floating market-determined exchange rate system.
- 3The official value of the Rupee was deliberately lowered against major foreign currencies.✓
- 4The market exchange rate of the Rupee significantly strengthened.
Correct answer
The official value of the Rupee was deliberately lowered against major foreign currencies.
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