Fact Check: Did Indian Rupee Become Weaker Than Bangladeshi Taka?

The Logical Indian Fact Check team investigates the claim that Indian Rupee is weaker than Bangladeshi Taka.

India   |   27 July 2020 3:16 AM GMT
Writer : Aditi Chattopadhyay | Editor : Bharat Nayak | Creatives : Vijay S Hegde
Fact Check: Did Indian Rupee Become 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'.






The same claim was viral last year as well.


Claim:

Indian Rupee is weaker than Bangladeshi Taka.

Fact Check:

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.

If you have any news that you believe needs to be fact-checked, please email us at factcheck@thelogicalindian.com or WhatsApp at 6364000343.

Also Read: Fact Check: Viral Graphic Claims PM Modi Never Imposed President's Rule

Claim Review :  Indian Rupee is weaker than Bangladeshi Taka.
Claimed By :  Social Media posts
Fact Check :  False
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Contributors

Aditi Chattopadhyay

Aditi Chattopadhyay

Fact Checker

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.

Bharat Nayak

Bharat Nayak

Founding Editor- Special Project

As the founding editor, Bharat had been heading the newsroom during the formation years of the organization and worked towards editorial policies, conceptualizing and designing campaign strategies and collaborations. He believes that through the use of digital media, one could engage the millennial's in rational conversations about pertinent social issues, provoking them to think and bring a behavioral change accordingly.

Vijay S Hegde

Vijay S Hegde

Trainee Creative Producer

"I am a creative, artistic and ambitious designer, with a talent for thinking outside the box and coming up with innovative ideas and designs. I graduated with a 1st Class honors degree in Video Editing from MAYA ACADEMY OF ADVANCED CINEMATICS"

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