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Foreign Exchange Reform

In 1991, the first important reform in the external sector was done in the area of foreign exchange, in order to quell the crisis of the balance of payments, the rupee was devalued against foreign currency. This brought in a greater inflow of foreign currency into our nation and also was the first step in trying to free the determination of the value of rupee from the hands of the government. Nowadays, the market demand and supply determines the value of rupee.

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