Government of India links Indian rupee with Pound sterling following the devaluation of United States dollar post Smithsonian Agreement

Quand

20 déc. 1971

Type

Événement

Coordonnées

38.89° N, 77.03° W

Placé à : site named in the title of the event it links, Smithsonian.

Government of India links Indian rupee with Pound sterling following the devaluation of United States dollar post Smithsonian Agreement. The rupee was pegged at par value of Rs. 18.9677 is to 1 £ and Pound was designated as the intervention currency. The event marks the departure of Indian rupee from par value system to pegged regime.

1971 multinational concord on the convertibility of the US dollar

The Smithsonian Agreement, announced in December 1971, created a new dollar standard, whereby the currencies of a number of industrialized states were pegged to the US dollar. These currencies were allowed to fluctuate by 2.25% against the dollar.

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