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

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effective exchange rate of the rupee (REER) and 66.08 in January 1995, showing an and 66.08 in January 1995, showing an appreciation of 8.3 per cent but by August 1995 the REER had depreciated by 5.3 per cent. And in September-October so far the depreciation should be roughly of the order of another 10 percent. Leaving aside periodic fluctuations in the REER, the rupee has generally seen a steady fall in value in real effective purchasing power terms, with the total depreciation working out to 45 per cent since 1985.

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