Why has indian rupee devalued from around Rs 5 per $1 at independence to around Rs 55 per $1 today? | India | Scoop.it
Answer (1 of 4): There were a few major events that changed the currency rates.

1. June 4, 1966. First major devaluation. For the first two decades, India had almost a constant peg against the dollar at Rs.4.75/$.