EFTA Document EFTA01379385

22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank India Between 1947 and 1975 the rupee was linked to GBP. Import restrictions and export subsidies were punctuated with periodic devaluations to address balance of payment crises. Its anchor was switched to a trade-weighted FX basket, but the central bank (RBI) was forced to devalue the rupee in 1991 and introduce a two-tier system of FX. The current regime dates back to March 1993, when the government reintroduced