Fact Check: Did Indian Rupee Become Weaker Than Bangladeshi Taka?
Writer: Aditi Chattopadhyay
Aditi, part of the fact checking team of The Logical Indian likes to read, write, cook and laugh, in short live life as it is supposed to be. What makes her fascinated is to discover the truth behind a story and more often than not, it is either fact or myth at the end.
India, 27 July 2020 3:16 AM GMT
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The Logical Indian Fact Check team investigates the claim that Indian Rupee is weaker than Bangladeshi Taka.
A graphic has been recently gaining momentum on social media which says that for the 'first time in 72 years Indian Rupee is weaker than Bangladeshi Taka'.
Govt is broke. Raiding RBI again and again.— Sanghamitra (@AudaciousQuest) August 27, 2019
Bangladeshi taka has more value than rupee.
Economy is on ventilator. Govt refuses to accept.
Kashmir is running out of emergency drugs. Patients are about to die. 8 million under lock down.
Modi is laughing.
Which one is worse?
The same claim was viral last year as well.
Indian Rupee is weaker than Bangladeshi Taka.
The claim is false.
As of July 25, 2020, 'Indian Rupee to Bangladeshi Taka' is equal to 1.13. 1 Rupee = 1.13 Bangladeshi Taka.
Below is a screenshot of the exchange rate for July 25:
According to the graph of the exchange rate for the last year, the exchange rate fell from 1.22 on 24 July 2019, to 1.13 on 24 July 2020.
However, the Indian Rupee hasn't fallen below Bangladeshi Taka in the last one year.
Below is a screenshot of the graph of the exchange rate for last year:
Further, in the last ten years, Indian Rupee did not fall below Bangladeshi Taka.
Below is a screenshot of the graph of the exchange rate for the last ten years:
The highest exchange rate, in the last ten years, is 1.73457 (1₹ = 1.7345 Taka), whereas the lowest is 1.09587 (1₹ = 1.09587 Taka).
All information has been taken from XE.com, a Canada-based online foreign exchange tools and services company, also a subsidiary of Euronet Worldwide which provides information about exchange rates.
Therefore, Indian Rupee did not become weaker than the Bangladeshi Taka.
How Is Exchange Rate Decided?
Exchange rates can be either fixed or floating. Fixed exchange rates use a standard, such as gold or another precious metal, and each unit of currency corresponds to a fixed quantity of that standard that should (theoretically) exist.
A floating exchange rate means that each currency isn't necessarily backed by a resource.
Currently, the international exchange rates are determined by a managed floating exchange rate. A managed floating exchange rate means that each currency's value is affected by the economic actions of its government or central bank.
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