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.
RE:Re devaluation
by ASHOK on Apr 28, 2007 08:15 PM Permalink
In 1966 TT Krishnmachari was Finance Minister. Who is this Sachin Choudhury !!! Any Choudhury ever as Finance minister was Choudury Charan Singh (1979-80). god Bless his soul. This man taxed TOOTH Paste and Tube light, in those days. Actually he never wanted poor to use tooth paste so he made it costly.
You can imagine such people ( monkeys) as Finance Ministers and calling them selves Massiah of Poor/farmers. And sent his son abroad for higher studies !!
RE:Re devaluation
by Samudraniel Dasgupta on Apr 28, 2007 10:04 PM Permalink
Sachin Choudhury was the founder editor of Economic and Political Weekly. His brother Shankha Choudhury was a well known sculptor. Perhaps you are checking wikipedia. Do a google for Sachin Choudhury Finance Minister
