The biggest devaluation of Rupee happened on June 06,1966 when Sachin Choudhury was the Finance Minister.In 1991, the devaluation which RBI called a 'change in parity' took place on July 01 and July 03.The story goes that P V N R did not want the second devaluation on July 03 but Dr Singh could not get the then RBI Governor on line !The biggest appreciation would have happened if RBI had not protected Dollar/ Rupee at 31.37 for 28 months. The very critical level for Dollar/Rupee will be 43.35. For Rupee to depreciate, the level has to be braeched.
