ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Exchange Rate-A Mere Coincidence

December 5, 1911 A Correspondent writes: WE will not devalue the rupee. We have not given any undertaking to the IMF that the rupee will be devalued. Finance Minister R Venkataraman has been repeating these assertions in the manner of a schoolboy made to do imposition. The Trade Weighted Exchange Rate (TWER) of the rupee worked out by the National Institute of Bank Management and published by The Economic Times tells a different story, however. After remaining more or less stable for some 18 months from the beginning of 1980, the TWER has declined by 6.8 per cent between the end of June and the end of November this year. The TWER of the rupee (base: September-end November 30 it had slipped to 94.86.

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