What the Rupee is Worth Today with Its Declining Exchange Value

It is saddening to find that the value of the rupee has declined to a level that makes the US dollar worth Rs 72. It is particularly saddening for those who have known the US dollar from the time when it was worth no more than Rs 3.75 and the many years during which it was worth Rs 5. For years after that, the dollar hovered at rates between Rs 13.75 and Rs 15. But the present exchange rate of Rs 72 for a US dollar is something that shocks one to the core. This is largely because when one makes comparisons with the exchange value of the US dollar with other currencies, one finds that there has been very little change. The exchange rate between the pound sterling and the US dollar has remained almost the same for several decades. The British pound sterling has remained at equal to about 1.5 times the US dollar. Our economists have not been able to explain why the Indian rupee is down to being one of the cheapest currencies of the world. We would like them to explain why the Indian rupee remains one of the lowest in the world. They should also tell us what is likely to happen if the value of the rupee is changed so that the new rupee is worth ten old rupees. France did something like this in 1966. It did not hurt too much.