Rupee depreciated by just 3.21 per cent during Manmohan government: Vajpayee tops with just 1.59 per cent depreciation

Mumbai,
 
How much has rupee depreciated against dollar? This is the moot question being raised over the current Rs.60 plus per dollar and expected to touch Rs.62. During the current tenure of 3600 days between May 22, 2004 and 31, March 2014 Prime Minister Manmohan Singh, the rupees depreciated at the annual rate of 3.21 per cent (total loss of 31.65 per cent) . Rupee was quoted at Rs.45.31 when Dr. Singh assumed office and as on March 31, 2014 rupee stood at Rs.59.65.
 
Statistics compiled by Jagdish Purohit of IndiaPress.org has revealed the depreciation of rupee during each term of successive prime ministers who ruled the country. Chandrashekhar enjoys the distinction of rupee depreciation at the annual rate of a massive 49.04 per cent during his 223 day tenure in the office.
 
In fact the Bharatiya Janta Party has much to rejoice as during Atal Bihari Vajpeyee's second term in the office which commenced on March 19, 1998 and ended on May 22, 2004, during the intervening 2256 days rupee depreciated from Rs.41.25 to Rs.45.31 per dollar, an annual depreciation of just 1.59 per cent a total loss of 9.84 per cent.
 
The list is topped by Chandrashekhar who had assumed the office on November 10, 1990, when rupee was quoted at 17.50 which zoomed to Rs.22.74 on June 21, 1991 (total loss of 29.94 per cent also the annual loss of 49.04 per cent) when he demitted the office after 223 days as Prime Minister. He enjoys the distinction of pledging country's gold to meet the day to day expenditure of the government.
 
This is followed by the first Prime Minister Jawharlal Nehru and his successor Lal Bahadur Shashtri. During Nehru's 6130 days tenure when the country had just gained independence, rupee was at par with dollar on August 15, 1947 which rose to Rs.4.76 per dollar by the time Nehru was out of office on his death. The depreciation was to the tune of annual 22.40 per cent or the total loss of 376.00 per cent.
 
When Lal Bahadur Shashtri, who succeeded Nehru, was in office for 581 days from June 9, 1964 till January 11, 1966, rupee depreciated from Rs.4.76 by annual 21 per cent to a massive Rs.6.35 per dollar the total loss of 33.40 per cent.
 
Worst is the case of I. K. Gujral who had assumed office on January 21, 1997 and demitted it on March 19, 1998. During his 422 days in the office, rupee depreciated from Rs.36.31 by annual 11.78 per cent to Rs. 41.25, a total loss of 13.61 per cent.
 
P. V. Narsimharao's government lasted between June 21, 1991 and May 16, 1996. During this 1791 days rupee tanked from Rs.22.74 to Rs.35.43 per dollar or by annual 11.38 per cent, a total loss of 55.80 per cent.
 
Even Indira Gandhi's second term that lasted between January 14, 1980 to October 31, 1984, during her tenure of 1752 days in the office rupees which was quoted at Rs.7.86 per dollar rose to Rs.11.60 or by annual 9.92 per cent, a total loss of 47.58 per cent.
 
Even during her 1st term between January 24, 1966 to March 24, 1977, during the 4077 days rupee depreciated from Rs.6.35 by annual 3.36 per cent to Rs.8.73 per cent, a total loss of 37.48 per cent.
 
During V. P. Singh's tenure of 343 days between December 2, 1989 to November 10, 1990 dollar rose from Rs.16.22 annual per cent by 8.40 per cent to touch Rs.17.50 per dollar, a total loss of 7.89 per cent.
 
Rajeev Gandhi's 1858 days tenure in the office between October 31, 1984 and December 2, 1989, rupee quoted at Rs.11.60 soared by annual 7.83 per cent to Rs.1622 per dollar, total loss of 39.83 per cent.
 
An unassuming H. D. Deve Gouda lasted in the office for 234 days between June 1, 1996 to January 21, 1997 rupees which was quoted at Rs.35.43 per dollar zoomed to by annual 3.87 per cent to Rs.36.31 per dollar, a total loss of 2.48 per cent.
 
Only two prime ministers, Morarji Desai and Charan Singh's tenure saw rupee appreciate against dollar. During Desai's 856 days tenure between March 19, 1977 to July 28, 1979, rupee appreciated from Rs.8.73 to Rs.8.12 per dollar and during Charan Singh's 170 day tenure between July 28, 1979 to January 14, 1980 rupee appreciated from Rs.8.12 to Rs.7.86 per dollar.
 
Two short terms of Gulzarilal Nanda of 13 days each and Atal Bihari Vajpayee's first term of 16 days has not been considered significant enough for this compilation.

(Compiled by: Jagdish Purohit, IndiaPress.org)




Sr Name of the Prime Minister PM From
Date
PM Till
Date
Tenure
Days
INR:$ From INR:$ Till Total Loss/Gain
Perc %
Annual Loss
in Perc %
ABS (%) XIRR (%)
01. Chandra Shekhar 10-Nov-1990 21-Jun-1991 223 17.50 22.74 29.94% 49.04%
02. Jawaharlal Nehru 15-Aug-1947 27-May-1964 6130 1.00 4.76 376.00% 22.40%
03. Lal Bahadur Shashtri 09-Jun-1964 11-Jan-1966 581 4.76 6.35 33.40% 21.00%
04. Indra Kumar Gujral 21-Jan-1997 19-Mar-1998 422 36.31 41.25 13.61% 11.78%
05. P. V. Narshima Rao 21-Jun-1991 16-May-1996 1791 22.74 35.43 55.80% 11.38%
06. Indira Gandhi [2nd Term] 14-Jan-1980 31-Oct-1984 1752 7.86 11.60 47.58% 9.92%
07. V. P. Singh 02-Dec-1989 10-Nov-1990 343 16.22 17.50 7.89% 8.40%
08. Rajeev Gandhi 31-Oct-1984 02-Dec-1989 1858 11.60 16.22 39.83% 7.83%
09. H. D. Devegauda 01-Jun-1996 21-Jan-1997 234 35.43 36.31 2.48% 3.87%
10. Indira Gandhi [1st Term] 24-Jan-1966 24-Mar-1977 4077 6.35 8.73 37.48% 3.36%
11. Dr. ManMohan Singh 22-May-2004 31-Mar-2014 3600 45.31 59.65 31.65% 3.21%
12. Atal Bihari Vajpayee [2nd Term] 19-Mar-1998 22-May-2004 2256 41.25 45.31 9.84% 1.59%
13. Morarji Desai 24-Mar-1977 28-Jul-1979 856 8.73 8.12 -6.99% -2.98%
14. Charan Singh 28-Jul-1979 14-Jan-1980 170 8.12 7.86 -3.20% -6.88%
15. Gulzarilal Nanda [1st Term] 27-May-1964 09-Jun-1964 13 - - - -
16. Gulzarilal Nanda [2nd Term] 11-Jan-1966 24-Jan-1966 13 - - - -
17. Atal Bihari Vajpayee [1st Term] 16-May-1996 01-Jun-1996 16 - - - -
* Please note that this figures are based on US Dollar rates published in various Newspaper Publications
- "-" denotes that the Indian Rupee gained against US $ Dollar
-- Compiled by Jagdish P. Purohit    [www.indiapress.org]
:   article can be visited at http://www.indiapress.org/inr_usd-fall-in-percentage.html