When India got independence on August 15, 1947, India had now borrowings from USA in its balance sheet and hence 1 USD was equal to 1 INR in 1947.
In 1947, before independence, India was ruled by British and so Pound was the currency. When India became independent in 1947 should be pegged against Pound. But what really happened is, India first introduced its 5 year plan in 1951, and thats the time when foreign borrowings started and 1 USD = 4.79 INR. Because 1 Pound = 13.37 INR and Pound could be exchanged with USD. So the conclusion that 1 USD = 4.16 INR.
So now question is, what was the value of 1 USD to INR in 1947 ?
and the Answer is, 1 USD was not equal 1 INR in 1947* because India was under *British rule, it was pegged against Pound and during 1947 and 1 Pound = 13 INR in 1947. India became a republic nation in 1950. The constitution of India came into existence in 1952. At that time 1 USD was equal to 4.16 INR or 1 USD =4.16 NCU. (NCU is National Currency Unit).
What was the Value of USD to INR from 1947 till 2018?
| YEAR | 1 USD TO INR | YEAR | 1 USD TO INR |
|---|---|---|---|
| 1913 | 0.09 | 1982 | 9.46 |
| 1925 | 0.1 | 1983 | 10.1 |
| 1947 | 1 | 1984 | 11.36 |
| 1948 | 3.31 | 1985 | 12.37 |
| 1949 | 3.67 | 1986 | 12.61 |
| 1950 | 4.76 | 1987 | 12.96 |
| 1951 | 4.76 | 1988 | 13.92 |
| 1952 | 4.76 | 1989 | 16.23 |
| 1953 | 4.76 | 1990 | 17.5 |
| 1954 | 4.76 | 1991 | 22.74 |
| 1955 | 4.76 | 1992 | 25.92 |
| 1956 | 4.76 | 1993 | 30.49 |
| 1957 | 4.76 | 1994 | 31.37 |
| 1958 | 4.76 | 1995 | 32.43 |
| 1959 | 4.76 | 1996 | 35.43 |
| 1960 | 4.76 | 1997 | 36.31 |
| 1961 | 4.76 | 1998 | 41.26 |
| 1962 | 4.76 | 1999 | 43.06 |
| 1963 | 4.76 | 2000 | 44.94 |
| 1964 | 4.76 | 2001 | 47.19 |
| 1965 | 4.76 | 2002 | 48.61 |
| 1966 | 6.36 | 2003 | 46.58 |
| 1967 | 7.50 | 2004 | 45.32 |
| 1968 | 7.50 | 2005 | 44.1 |
| 1969 | 7.50 | 2006 | 45.31 |
| 1970 | 7.50 | 2007 | 41.35 |
| 1971 | 7.49 | 2008 | 43.51 |
| 1972 | 7.59 | 2009 | 48.41 |
| 1973 | 7.74 | 2010 | 45.73 |
| 1974 | 8.10 | 2011 | 46.67 |
| 1975 | 8.38 | 2012 | 53.44 |
| 1976 | 8.96 | 2013 | 56.57 |
| 1977 | 8.74 | 2014 | 62.33 |
| 1978 | 8.19 | 2015 | 62.97 |
| 1979 | 8.13 | 2016 | 66.46 |
| 1980 | 7.86 | 2017 | 67.79 |
| 1981 | 8.66 | 2018 | 70.09 |
| 16 Aug, 18 | 70.30 | 10, Oct, 18 | 74.35 |
Source : bookmyforex.com
