Helped by the strong balance of payments situation, the rupee has been remarkably stable in its transition into convertibility. For the past 16 months, the exchange rate has stayed constant at Rs.31.37 per dollar.
During the period 1980 to1994 the rupee had depreciated from Rs.7.9 per dollar to 31.39 per dollar.
Centre for Monitoring Indian Economy, Bombay
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Last updated: August 1995.